If you're just waking up and wondering what you've missed this morning, here it is:
"It is mathematically impossible, at this point, to get to anything that remotely resembles a 3-4% U.S. GDP economy," Hedgeye CEO Keith McCullough remarked in this morning macro conference call. "Down -2.9%? That is just nasty. And they're making up the inflation number! If they used the real inflation number, I have to go through the math here, GDP might have been like minus 4% or more."
Our macro team has been warning on growth all year long. One example:
Bottom line according to McCullough: Inflation slows real consumption growth.