As data officially confirmed that the U.S. experienced a second consecutive quarter of negative GDP growth, Joe Biden and his various advisors all directly denied the reality of a recession and claimed the economy is “transitioning” to become “strong and stable”.
U.S. Federal Reserve Chair Jerome Powell has made two ambitious assertions about the central bank’s management of the economy. In his latest news conference, he said that the Fed’s new, more inflation-tolerant monetary policy framework bears no responsibility for the recent sharp surge in consumer prices.
Treasuries slumped anew to send a widely-watched part of the U.S. yield curve to its first inversion in 16 years. The curve is flattening as investors bet the Federal Reserve will tighten policy rapidly enough to risk a sustained slowdown in growth.