If we look at yesterday's NFP data, where the numbers are very low indicating a weakening in the labor market, and the PCE inflation data which has risen, then the possibility is that even though the GDP number rose from 3.0% to 3.1% yesterday, this is not a good thing.
The value of consumer spending increased not because of high demand, as it is clear that people are having difficulty finding jobs, but the increase in consumption is a result of rising prices of goods & services due to tariffs.
What is the impact on the market? Nothing will change, at Jackson Hole yesterday Powell already expressed that there will be a shift in focus to the risks in the labor market which is indeed experiencing weakness, thus giving clues about a potential cut.
This represents a strong bullish sentiment, and I quite agree because the inflation effect from tariffs is likely only temporary/a one-time increase at the time the tariffs are imposed.
The weakness in the labor market becomes a more serious risk because if left unchecked, it risks leading to stagflation where prices of goods rise amid weakening purchasing power in the community.