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US Services Sector Argues Against Recession Narrative
If you could get past the deluge of dire headlines on Monday, there was some good macro news on offer: ISM delivered an upbeat read on the US services sector.
The headline print for July was 51.4, ahead of consensus and back in expansion territory. The business activity gauge rose smartly to 54.5 from 49.6 the prior month.
To state the obvious, the upside surprise won't shift the overarching narrative (which essentially says the Fed's woefully behind the curve and that Jerome Powell missed his
That’s good news. Economy is slowing but maybe fomc has time to fix their error. If they are smart, the will announce the end of qt and cut 50. Right now the target is probably 100-150 too high.