Q2 GDP Still Negative

The third Q2 GDP estimate came in the same as last time: -0.6%. Q1 GDP was unchanged at -1.6%. In other words, 2 quarters of negative GDP – a recession in most folks’ minds. The deflator ticked higher to 9.0%, making a pretty good case for stagflation. The only missing ingredient is worsening employment numbers…

Futures were already off, but this didn’t help.

Our equity outlook remains unchanged.

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