In the myriad of posts concerning inflation having peaked, better than expected earnings, CPI reports impacting 75bps vs 100bps rate increase, calling this a bear market rally or the end to the bear market, I haven't seen much mention about the GDP report coming out next week for Q2.
According to the Atlanta Fed, GDPnow, it's looking pretty certain that the GDP is going to come in negative. That would make for two back to back quarters of negative GDP growth. This would indicate a technical recession (an official recession is of course determined by the NBER). By the streets metrics though, two consecutive negative GDP quarters signals slowing growth and the entry to a recession. Just curious what others thoughts on the impact this will have on sentiment and markets when this is confirmed (or possibly not) next week. Will it mostly be ignored because jobs are good and most people will shrug off the technical metric or will it signal to some that growth is slowing and this is the start to further declines in GDP.
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