UNDERLYING UNEASE

25Q2 GDP growth jumped to 3% seasonally and inflation adjusted, up considerably from -0.5% in 25Q1. This puts 25H1 growth at 1.25%, down from 2.5% in 24H1. Importantly, final sales to private domestic purchasers, which strips out volatile trade, government spending/investment and inventory changes to arrive at underlying demand strength, slid from 1.9% in 25Q1 to 1.2%, stall speed; the weakest reading since late 2022. A September rate cut, please.