At a time when the Wall Street banks are scratching their heads for credible explanations why they are keeping (or raising) their year-end S&P targets at a time when economic growth is in freefall and inflation is soaring (read: stagflation), an unexpected source of honesty has emerged – the Atlanta Fed, which now sees the US on the verge of contraction.
In its latest GDPNow forecast published moments ago, the Atlanta Fed slashed its estimate for real GDP growth in the third quarter of 2021 to just 0.5%, down from 1.2% on October 15, from 6% about two months ago, and down from 14% back in May.
Remarkably, the GDPNow tracker is about to turn negative even as the average “blue chip” Wall Street baank has a Q3 GDP forecast of just below 4%.
The collapse in the Atlanta Fed tracker has correlated almost tick for tick with Citi’s US macro surprise index which has also plunged in recent months…
They did their best to make Biden look like HE was driving the economy to ever greater heights of glory and production.
However, the truth keeps getting in their way.
The media keeps printing articles about how Biden is saving the entire world with his astute, wise, and tenacious “leadership”.
The truth keeps getting in the way.
And CNN is doing their best with softball “interviews” and fake “town hall meetings” that have prearranged questions posed by vetted “audience members”. What a disgraceful “news” network they’ve become.
If they were individuals, they would be charged with prostitution.
Let’s go Brandon.