The Recession We're Already In
Today's economic data are a harbinger of things to come and a reflection of what is already happening.
This morning, we got our first real look at the new Trump economy, and the results aren’t great. They’re also not especially surprising. Economic activity contracted 0.3 percent in the first quarter of this year, down sharply from the 2.4 percent growth in the last quarter of 2024, and markets are selling this morning as traders digest the news.
The bon…
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