From CNN.

The US economy expanded sharply in the second quarter as businesses dialed back on imports after stocking up earlier in the year to get ahead of President Donald Trump’s tariffs. Underlying details in the latest GDP report show that consumers and businesses have slowed their spending.

Consumer spending, which powers about 70% of the US economy, picked up in the second quarter to a 1.4% rate, up from the anemic 0.5% in the first quarter. And businesses slowed their spending sharply during the same period, to 1.9% from 10.3%, mostly reflecting a recalibration from the front-running earlier in the year.

The Federal Reserve is set to announce its latest decision on interest rates at 2 p.m. ET. Markets overwhelmingly expect the central bank to hold rates steady for the fifth-straight meeting. However, officials at the central bank could dissent by a margin not seen in 30 years. Governors Michelle Bowman and Christopher Waller have openly supported the idea of a rate cut in July.

CNN senior reporter Matt Egan reports on the economy, and Becky Anderson speaks with KPMG chief economist Diane Swonk about the upcoming Federal Reserve interest rates decision. #CNN #News