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.
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BIDEN ECONOMY: Retail and Auto Sales Are Down, Layoffs Announced, A Recession is in the Works
This became a reality today. A Fed model now shows the GDP forecast is negative.
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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
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Zerohedge confirms the bad but not surprising news.
ATLANTA FED GDPNOW -1.0%
Recession
— 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
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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
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US savings rates are at their lowest since 2008.
The U.S. savings rate fell to the lowest since 2008 in April, “suggesting growth in spending will decelerate:” @economics pic.twitter.com/gAsyNeVAi9
— Lisa Abramowicz (@lisaabramowicz1) June 30, 2022
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