Economy expected to have slowed in Q2.

U.S. Q2 GDP data is due out this morning, with economists estimating that growth slowed to an annual rate of 1% from 1.8% in Q1, hurt by government austerity and weak global demand. Economists don't expect the reading to influence the FOMC as it makes its latest monetary policy decision today, because the print "tends to (be) backward looking." Changes to the way GDP is calculated, such as counting R&D as an investment, could boost the numbers