Karl Schamotta, chief market strategist at Corpay, noted that second-quarter US economic growth came in below market expectations. Inventory adjustments and a widening trade deficit masked ongoing resilience in consumption and investment. According to preliminary figures from the US Commerce Department, inflation-adjusted gross domestic product rose at an annualized rate of 1.5 percent in the April-to-June quarter, slowing from 2.1 percent in the first quarter and missing forecasts. Personal consumption held firm at 3.2 percent growth, while final domestic private demand, which is said to clearly reflect underlying growth, increased at an annualized 3.9 percent. As market participants raise expectations for a Federal Reserve rate hike in September, short-term Treasury yields edged higher and the dollar traded in a narrow range, but conviction around this outlook remains low.