A key Fed Indicator just turned negative indicating what TGP has warned about for months. The US in officially in a recession.
TGP has for months warned that the Biden economy is facing a recession. Now it has finally landed.
This became a reality today. A Fed model now shows the GDP forecast is negative.
On June 30, the #GDPNow model nowcast of real GDP growth in Q22022 is -1.0%. https://t.co/T7FoDdgYos #ATLFedResearch
Download our EconomyNow app or go to our website for the latest GDPNow nowcast. https://t.co/NOSwMl7Jms pic.twitter.com/t87bBJGRsv
— Atlanta Fed (@AtlantaFed) June 30, 2022
Zerohedge confirms the bad but not surprising news.
ATLANTA FED GDPNOW -1.0%
— zerohedge (@zerohedge) June 30, 2022
There are some squirrelly actions in the works as well.
I’m sensing a pattern here https://t.co/I69ZV4otpp
— Doomberg (@DoombergT) June 30, 2022
The S&P had its worst first half of the year since 1970.
*S&P 500 CAPS FIRST-HALF PLUNGE OF 21%, WORST SINCE 1970
— *Walter Bloomberg (@DeItaone) June 30, 2022
US savings rates are at their lowest since 2008.
— Lisa Abramowicz (@lisaabramowicz1) June 30, 2022