US growth revised lower: What will Fed do now?

The second quarter growth in the United States has been revised lower to 1.6% from an initial estimate of 2.4%. Meanwhile, in the United Kingdom, growth has been revised upwards to 1.7%—the fastest since 2001. A stronger Europe than the US was unthinkable just a few months ago when we began the year with the specter of sovereign debt crisis in Europe hanging over our heads.