Biden Administration Bracing for a Tsunami of Bad Economic News Next Week
Next week’s Category 5 economic storm
Politico calls the coming avalanche of bad economic news a “Category 5 storm.” Indeed, the Biden administration may want to dig a hole and hide while Biden goes to his summer home in Delaware, given the depressing numbers that will come out of Washington this coming week.
Consumer confidence numbers (which currently stink) hit on Tuesday. A Federal Reserve meeting and decision on interest rates, coupled with a press conference from Fed Chair Jerome Powell, follows up on Wednesday.
The first reading on second quarter economic growth drops on Thursday. And the latest numbers on our vexing run of historically high consumer price inflation close out the monster run of data on Friday.
In a note to clients today, analysts at Deutsche Bank suggested the flood of information will “leave you breathless.”
Yikes.
https://pjmedia.com/news-and-politics/rick-moran/2022/07/23/biden-administration-bracing-for-a-tsunami-of-bad-economic-news-next-week-n1615339
https://www.politico.com/newsletters/politico-nightly/2022/07/22/next-weeks-category-5-economic-storm-00047545