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Editor's Note: Below is an excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more about what it means for your portfolio.

My most general thought about the Global Economy is that is #slowing right now. Since the USA has joined the rate of change slowdown from its Q2 cycle peak, I can say that more broadly this morning than I could have as early as last week. 

..On the other side of us, The Atlanta Fed forecast is just inside of what Mnuchin and Kudlow want GDP to be (i.e. 5%) at +4.7%. 

Mathematically speaking (instead of politically), there’s a better chance that I’ll eventually be able to dunk a basketball (I’m a 5’9 ex-hockey player) than US GDP accelerating to +4.7%-5.0% in Q3 with #slowing economic data. 

CHART OF THE DAY: #GrowthSlowing? Yes. - 08.02.18 EL Chart

CHART OF THE DAY: #GrowthSlowing? Yes. - market brief