A short one today.
Not sure if you saw the latest US GDP print for the first quarter of 2022. If you have not, you may want to pass on this one. US GDP in the first quarter (gulp) contracted, flying in the face of analyst expectations of a 1% growth print. We can argue about where the problems exist, but on balance, it is likely a confluence of enduring issues, that will need to be overcome, in order to swing the pendulum in the other direction. War in Ukraine, inflation, rising interest rates, randomized COVID restrictions and supply chain havoc.......Take your pick.
Either way, a negative quarterly print may have some dusting off the "R" word. Perhaps prematurely, but the technical definition of the "R" word is 2 consecutive quarters of negative GDP prints.
Care to read more? have a look at the following: