Listening to Powell speak during the press conference, one would think that when it comes to the economy, it’s blue skies as far as the eye can see:
- *POWELL: ‘THERE’S NO SIGN’ OF A BROADER SLOWDOWN IN THE ECONOMY
- *POWELL: REAL GDP GROWTH HAS PICKED UP THIS QUARTER
- *POWELL: APPEARS US ECONOMY IS IN A STRONG POSITION
Unfortunately, that’s not exactly “true”…
“He who walks with integrity walks securely,
But he who perverts his ways will become known.” Proverbs 10:9
… and the latest CEO confidence print outright refuted Biden’s optimism:
“CEO confidence declined sharply in the second quarter of the year for the fourth straight time. The Conference Board’s measure slipped to 42 in the second quarter, the lowest level since the onset of the pandemic, from 57 in the prior period. Historically, a reading of that level has coincided with profits recessions or negative year-over-year changes in earnings. Over the past 40 years, the measure has only been that low in 1980, 1991, 2001, 2008, 2012 and 2020“
But what is more remarkable is that according to even the latest estimates from Bloomberg Economics, which of course is tied to Bloomberg, a pro-Biden liberal media outlet run by Democrat billionaire Michael Bloomberg, a recession by the start of 2024, barely even on the radar of most economists just a few months ago (if not this site), is now virtually assured at close to a three-in-four probability.
Read More @ Zero Hedge HERE
