Econoblast

   The U.S. economy continues to show signs of good health, but that's not enough for the Federal Reserve Board to let go the reins and let the pony leave the stable on its own.
   The Commerce Department said the economy grew by 2.6 percent in the second quarter, compared to a 1.2 percent pace in the first quarter. The latest figure was an early estimate, however, and will be revised as more data become available.
   Earlier, the Fed noted that economic activity "has been rising moderately" so far this year and the unemployment rate has declined, but conditions are not enough to warrant any change in its monetary policy. Therefore, the Fed said, it will keep its federal funds lending target rate in the range of 1 percent to 1.5 percent.
   The nationwide unemployment rate was 4.4 percent in June, according to the Bureau of Labor Statistics, roughly where it has been since spring, but down from 4.9 percent in June of last year.
   All in all, however, while things look pretty good economically, political uncertainty could trample on the nation's confidence and cause problems.
   President Trump has promised an economic growth rate of as much as 4 percent or even more as the government dismantles many controls and regulations, but the odds of the independent Federal Reserve Board letting that happen are somewhere between slim and none. And unless he finds  some way to bring the Fed to heel and follow his orders ... fuhgeddabowdit.
   Meanwhile, the government's Bureau of Economic Analysis reported state GDP figures, which lag behind the national estimates by several months. Overall, the economy improved in 43 states and the District of Columbia in the first three months of the year, ranging from a high of 3.9 percent in Texas to -4.0 percent in Nebraska.