On the evening of July 25th Beijing time, the Bureau of Economic Analysis (BEA) of the US Department of Commerce released data showing that the initial annualized quarter on quarter ratio of US Q2 real GDP exceeded expectations by 2%, far ahead of the expected value of 1.4%; The initial annualized quarter on quarter value of the core PCE price index in the United States for the second quarter was 2.9%, exceeding expectations by 2.7% and significantly slowing down from the previous value of 3.7%. Institutional analysis suggests that the GDP and PCE price index for the second quarter of this year indicate that the US economy is expected to achieve a 'soft landing', where inflation steadily cools down while economic growth remains robust. This is good news for the Federal Reserve, which is working hard to achieve an economic soft landing and may start cutting interest rates as early as September.