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Perhaps what the economy needs is not a Fed chief, but a psychiatrist. It seems like it might need some lithium more than a rate cut.

This morning the Bureau of Economic Analysis, which calculates GDP, released its new estimates for the second quarter. Much to my personal surprise, it was a big upward revision. According to the BEA, the economy grew at an annualized pace of 4% in the second quarter, up from an earlier estimate of 3.4%. That estimate was itself a big upward surprise, after a very disappointing first quarter during which the economy grew at a tepid 0.6% annualised rate.

Whatever manic high we hit in the second quarter, needless to say, has now worn off. Economists are talking about something in the 1.5-2.5% range for the current quarter, with a projected downtrend heading into years end.

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Megan McArdle is a columnist at Bloomberg View and a former senior editor at The Atlantic. Her new book is The Up Side of Down.

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