When asked last month if the US economy was heading into stagflation, Fed Chair Jerome Powell said he didn't see the "stag" nor the "flation" in the data he looks at.
Well, US Q2 GDP growth estimates as forecasted by the Atlanta Fed's GDP Now service are plunging.
And Q1's weak reported GDP growth rate of 1.6% was revised further downwards to a paltry 1.3%
That's some "stag" right there.
And CPI remains quite sticky at 3.3%, solidly higher than it was 9 months ago. So that's some "flation"
To learn how to protect the purchasing power of your wealth in an increasingly stagflationary environment, we're fortunate to be joined today by Matt Piepenburg of Von Greyerz Gold.
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