The U.S. economy grew at a modest 1.5% annual rate in the second quarter, according to the Commerce Department, down from 2.1% in the first three months of the year. The slowdown is largely due to a decline in government spending and a surge in imports, which subtract from GDP. But don't worry - consumers are still spending like they've got money to burn, with personal consumption expenditures rising at a solid 2.1% pace.

However, the party might not last forever. Inflation is running at 3.7% year-over-year, outpacing wage gains and forcing shoppers to dip into savings or borrow. The personal savings rate fell to 2.7% in June, a three-year low. The Fed, which keeps a close eye on this inflation measure, decided not to raise rates on Wednesday, probably because they're as confused as everyone else.

Trade added to the confusion, with exports rising but imports rising faster. Mark Zandi of Moody's Analytics summed it up: "Trade has gone up and down and all around and clearly the tariffs are swinging things around." So, in other words, it's a wash - just like your savings account if you keep spending like this.