by Peter Schiff, Schiff Gold:
On July 1, the Federal Reserve Bank of Atlanta lowered its Q2 GDP projection to -2.1%, officially forecasting a recession.
So, much for Jerome Powell’s “soft landing.”
A recession is technically defined as back-to-back quarters of negative GDP growth. If the Atlanta Fed’s projection of negative growth in Q2 comes to pass, it will couple with the first-quarter decline of -1.6% to put the US economy solidly in recession territory.