Summary: US GDP up 1.6% (6.5% annualised) in June quarter, less than 2.0% expected; indicates lagged consumption boom; economy expansion at “extraordinary pace”; cashed-up consumer “spending big”, downward surprise from inventories expected to reverse “over coming quarters”; GDP price deflator annual rate doubles from 2% to 4%. US GDP growth slowed in the second quarter of 2019 before stabilising at about 0.5% per quarter. At the same time, US...