GDP / PCE Quarterly

Tomorrow sees the second release for Q2 national accounts along with the July PCE report, both at 0830ET. * The initial Q2 GDP report saw relatively subdued real GDP growth of 1.5% annualized but large drags from net exports and changes in net inventories masking much stronger private domestic demand with PDFP rising 3.9% annualized for its strongest quarter since 1Q23. * Consensus currently looks for both real GDP and PCE growth to be unrevised at 1.5% and 3.2%. * Away from the main expenditure approach updates, we'll also look for indications of new Q2 figures for sectoral balances after Q1 showed a historically large net lending position for businesses. For now on net lending balances and a longer-term look at investment contributions, see here (https://mni.marketnews.com/4y2Ojfr) and here (https://mni.marketnews.com/4zuB34G).