The Blubber

Per CNBC

Ed Yardani, a market veteran, has just said that the US economy is transitioning from being in a "rolling recovery" to a "rolling recession." The former Deutsche Bank chief investment strategist went on CNBC's Squawk Box Asia to give a statement regarding the situation.

Yardani: “Consumers bought a tremendous amount of goods following the pandemic lockdowns in 2020 and 2021. As retailers and wholesalers scrambled to order more … consumers had already decided to pivot away from buying goods to buying services,”

Despite this, Yardani said that there were certain sectors in the economy that saw signs of recovery. The veteran noted that they also saw an increase in new home sales.

Yardani: “There’s lots of pent-up demand for housing and a significant shortage of inventory. That may be enough to end the housing recession even if mortgage interest rates remain elevated,”

In April, it was reported that the Fed staff projected there to be a mild recession starting later in 2023.

In May, it was reported that Elon Musk said that a "mild recession is already here." This came with a warning that there could be a "severe" recession coming.

This came after a banks fell one after another, with Musk claiming that more Fed interest rate hikes could cause an even further downturn. The billionaire said that due to his companies' data, he had more insights than "anyone ever."

See flow at unusualwhales.com/flow.

Other News:

• Fed staff projected a mild recession starting later in 2023
• Elon Musk: 'Mild recession is already here'

Resources:

CNBC