Atlanta Fed GDPNow Admits Recession Probably STARTED [Federal Reserve].

Financial Countdown
Atlanta Fed GDPNow Admits Recession Probably STARTED Federal Reserve.

In this video you can see how the Atlanta Fed GDPNow with other members of the federal reserve meeting month by month how the US economy is cooling rapidly.

A Federal Reserve economic growth indicator points to an increased likelihood that the US economy will enter recession, which they are already admitting.

Most Wall Street economists point to a higher probability of negative growth in the future, but estimate that it will not come until at least 2023.

The tracker took a fairly precipitous fall from its last estimate of 0.3% growth on June 27. Data this week showing further weakness in consumer spending and inflation-adjusted domestic investment prompted the cut that put the April-through-June period into negative territory.

One big change in the quarter has been rising interest rates. In an effort to curb surging inflation, the Fed has jacked up its benchmark borrowing rate by 1.5 percentage points since March, with more increases likely to come through the remainder of the year and perhaps into 2023.

Fed officials have expressed optimism that they’ll be able to tame inflation without sending the economy into recession. However, Chair Jerome Powell earlier this week said getting inflation down is the paramount job now.

Stocks have not been reassured by the recent decline in yields because they see the same theme portrayed in the GDPNow data: a rapidly cooling US economy month by month.

Update - This story has been updated to reflect a downward revision last Friday afternoon from the Atlanta Fed.

#federalreserve #GDPNow #recession

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