This is what a fake president and his moronic dummy administration has led this country to: a recession has already started within 2 years after they stole the power: several worrisome signs of weakness in the real economy as well.
For example, we've seen the prices of many critical commodities move sharply lower over the past several weeks.
These include natural gas (-42%), gasoline (-16%), copper (-23%), aluminum (-19%), wheat (-35%), corn (-23%), and soybeans (-16%). Even crude oil — which has held up relatively well — is down around 15% from its recent highs.
We're also seeing further signs of slowing in the housing market. Pending home sales plunged another 16% year-over-year in June, following drops of 12% and 9% in May and April, respectively.
Meanwhile, a recent U.S. Census Bureau survey showed roughly 15% of Americans were behind on their rent in June. And nearly half that number say they are somewhat or very likely to be evicted in the next two months.
And perhaps most concerning, on Friday, the Federal Reserve Bank of Atlanta reported that its GDPNow model — which provides a real-time estimate of U.S. economic growth — projected the economy contracted by 2.1% in the second quarter of the year.
Because first-quarter GDP was officially negative, this projection indicates the U.S. economy could already be in a recession today (defined as two consecutive quarters of negative GDP growth).
When considered alongside these signals, the recent decline in yields sends a more ominous message: It suggests the Fed has already tightened financial conditions more than the economy can tolerate.
For example, we've seen the prices of many critical commodities move sharply lower over the past several weeks.
These include natural gas (-42%), gasoline (-16%), copper (-23%), aluminum (-19%), wheat (-35%), corn (-23%), and soybeans (-16%). Even crude oil — which has held up relatively well — is down around 15% from its recent highs.
We're also seeing further signs of slowing in the housing market. Pending home sales plunged another 16% year-over-year in June, following drops of 12% and 9% in May and April, respectively.
Meanwhile, a recent U.S. Census Bureau survey showed roughly 15% of Americans were behind on their rent in June. And nearly half that number say they are somewhat or very likely to be evicted in the next two months.
And perhaps most concerning, on Friday, the Federal Reserve Bank of Atlanta reported that its GDPNow model — which provides a real-time estimate of U.S. economic growth — projected the economy contracted by 2.1% in the second quarter of the year.
Because first-quarter GDP was officially negative, this projection indicates the U.S. economy could already be in a recession today (defined as two consecutive quarters of negative GDP growth).
When considered alongside these signals, the recent decline in yields sends a more ominous message: It suggests the Fed has already tightened financial conditions more than the economy can tolerate.
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