https://twitter.com/BeschlossDC/status/1542987612029435906

Older bartender. Fab overflowing martini. Good Times.

A Federal Reserve tracker of economic growth is pointing to an increased chance that the U.S. economy has entered a recession.

Most Wall Street economists have been pointing to an increased chance of negative growth ahead, but figure it won’t come until at least 2023.

However, the Atlanta Fed’s GDPNow measure, which tracks economic data in real time and adjusts continuously, sees second-quarter output contracting by 2.1%. Coupled with the first-quarter’s decline of 1.6%, that would fit the technical definition of recession.

“GDPNow has a strong track record, and the closer we get to July 28th’s release [of the initial Q2 GDP estimate] the more accurate it becomes,” wrote Nicholas Colas, co-founder of DataTrek Research.

https://www.cnbc.com/2022/07/01/atlanta-fed-gdp-tracker-shows-the-us-economy-is-likely-in-a-recession.html

Hey Fed! Stop raising rates, you jerks.