The worst junta in recent American history is continuing its campaign to prove they can screw things up worse than George W Bush and Jimmy Carter combined as it starts sending out signals that the upcoming economic data releases for this week are going to be bad. How bad?
Here is Politico’s take on it:
The most politically radioactive number comes Thursday with the first look at gross domestic product growth in the second quarter of the year. It will likely show a decline in the size of the economy of around 1 to 2 percent. That will follow a first quarter decline of 1.6 percent. This isn’t a lock. The number could surprise us and come in flat or even marginally higher.
Everyone needs to keep in mind that Politico is just another branch of the regime’s propaganda arm so for such a story to appear warning of a “Category 5” storm of data means that some of it is going to be pretty bad. If Thursday’s GDP number is flat or marginally negative, yes Republicans will “pounce” again but the truth is out there for everyone to see:
Inflation is killing the American lower and middle class.
This first reading of GDP is somewhat irrelevant in my opinion, what the FOMC has to say, not do, on Wednesday is much more important. If the Fed overplays their hand thinking that they have done enough to stop inflation and do not wish to impose a recession to stop the price spiral upwards, then the markets will read this a Burns moment from the 1970’s.
Stay tuned for the circus, it will not be a dull week and heading into August the vacations are ending on Wall Street and soon the volume plus volatility will return with a vengeance. That will be the real Category 5 storm and it will implode this junta’s credibility (like it has any), once and for all.