The Fed's GDP Now Crashes To -34% For Q2, Consumers Expect Job Losses, Hyperinflation, & Stock Gains
First, we'll begin with the Fed's GDP Now which is a real-time GDP tracker and is updated as economic statistics roll out. It's currently running at -34% for Q2. The NY fed also did a consumer survey and the results were pretty shocking first we see the number of people who expect a job loss is running at the highest level in history above 20% the number of people who expect to default on the minimum payment on their loans has also surged. The earnings expectation has fallen to a record low and the strangest thing is that when asked about whether they thought stocks would rise it was above 50% for the first time in history, so the most amount of people in history think they will lose their jobs and default on their loans but still expect stocks to rise. Another disturbing trend is consumers believe we are about to see a wave of hyperinflation set in for just about everything while many have had a decrease in hours.