Comment: These two things caught my attention:
1.. The Atlanta Fed’s GDP tracker, GDP NOW on Friday plunged to minus 2.1 percent growth for the second quarter, down from the one percent reading on Thursday.
2.. The Institute of Supply Management said on Friday that its barometer of manufacturing activity fell to the lowest level since May 2020, when the economy was staggering from the onset of the pandemic and lockdowns.
So, the economy is contracting and manufacturing is where it was in May 2020 (remember lockdowns). Add inflation into the mix, and the economy is free falling.
Something big is happening, and some really nasty shocks are about to happen. Most people remain willfully ignorant of what is going on.