The U.S. economy is widely tipped to experience one of the best quarters of growth so far. On an annualized basis, the second quarter GDP is expected to rise 4.0%.

This marks the best increase since late 2014.

The uptick in the GDP figures comes as various indicators suggest that growth had firmly picked up for the economy.

With inflation riding high and the GDP growth also showing signs of an uptick in the economy alongside a tighter job market, the Federal Reserve is expected to remain on track for another rate hike in September.

Various other measures of GDP forecasts are also predicted an average of 4.0% growth during the second quarter.

This comes amid rising business investment and higher spending in the consumer sector as household incomes were also seen rising.

With the hawkish expectations already likely to be priced in, a disappointment could no doubt trigger concerns.

More importantly, growth is expected to moderate during the third quarter of the year.

This is attributed to the impact of the U.S. trade tariffs increase that resulted in countries such as China slapping the U.S. with retaliatory tariffs.