This week, the market swung its arms around signs of a slowing economy and the likelihood that the Federal Reserve will soon stop raising interest rates. Amid warm feelings over those prospects, markets capped off a choppy week by celebrating the Bureau of Economic Analysis' second-quarter GDP estimate of 2.5% Friday -- below economists' forecasts of 3%. The market reclaimed the Bernanke-led rally of last week, and the week ended on a bullish note. The Dow Jones Industrial Average gained 1.08% on Friday and 3.2% for the week, closing at 11,219.78. It was the average's best one-week performance in 19 months. The S&P 500 finished up 1.21% Friday and 3.1% on the week, closing at 1278.46. The battered Nasdaq Composite finished up 1.93% Friday and up 3.7% on the week, to close at 2094.19. Happiness that the economy slowed more than expected seems oxymoronic, which is why Friday's rally is suspect. That's not to mention the lingering possibility of another rate hike due to inflation data that continue to creep upward. The core price index for personal consumption expenditures, excluding food and energy price fluctuations, grew 2.9% year over year in the second quarter, up from a 2.1% increase in the first quarter. The markets may be relatively unconcerned about the inflation levels after Bernanke's testimony last week indicated that the upper limit of the Fed's 1% to 2% inflation "comfort zone" is "soft," writes Ethan Harris, chief economist at Lehman Brothers. Bernanke suggested in his testimony that the Fed is comfortable with a forecast of inflation growth between 2% and 2.5% through this year and even beyond. The Fed's beige book this week emphasized the body's sanguine outlook on inflation, and the markets cheered the news. At midday on Friday, the futures market put the likelihood of another fed funds rate hike on Aug. 8 at 26%, down from 45% Thursday and 90% prior to Bernanke's testimony of July 21, according to Tony Crescenzi, chief fixed-income analyst at Miller Tabak. Crescenzi notes that the futures markets price in greater odds of a fed funds rate cut than they do a hike over the next year. "The market is priced for greater odds that the funds rate will be 5% next year, than 5.5%," he writes.