As NFL training camps open, here is a 2014 review in less than 25 words: The Eagles became the 22nd team under the 16-game schedule to win at least 10 games and miss the playoffs.

Hopefully the Eagles season is nothing like this video of the day: Crosswinds!

For those of you who are bored or need something to put you to sleep tonight, here is the redacted version of the July 2015 FOMC Statement.

Stat of the Day – I: Friday was the 146 day of year. Historically, if up YTD, then the rest of the year is usually up. If lower, the rest of year is usually lower. ~Ryan Detrich

Chart Of The Day – I: Last 5 Times the NASDAQ Closed @ a 52-Week High with >100 New Highs AND New Lows.

The U.S. economy accelerated modestly in the second quarter after a slow start to 2015, but growth this year is still less than last year’s tepid first half and is well below the overall pace of the recovery.

Gross domestic product grew at a 2.3% seasonally adjusted annual rate in the second quarter, the Commerce Department said Thursday.

Economists surveyed by The Wall Street Journal had forecast 2.7% growth.

Once again, the Atlanta Fed’s GDPNow estimate of 2.4% G.D.P. growth came closest to the Commerce Department’s actual second quarter advance estimate of 2.3%.

Every July, the Commerce Department revises past economic results. In its annual revisions, the first quarter decline of 0.2% was revised upward to a now reported increase of 0.6%.

• QoQ GDP = +2.3% = below consensus at +2.5% but the miss is largely irrelevant given the revision to 1Q
• YoY – GDP decelerates to +2.3% YoY vs 2.9% prior
• Consumption:  YoY Consumption Growth decelerating sequentially against the upwardly revised (& post-crisis peak) 1Q15 figures.

This recovery continues to be the weakest of the post-WWII era, with annual growth averaging 2.2%, below the 2.8% pace of the previous expansion and the 3.6% recorded during the 1991-2001 upturn.

Focus is now squarely on the Fed and the rate of change in GDP growth, which from our perch is declining.

Stay Tuned, Stay Hedged & Stay Patient! {TJM}

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