“MILTON FRIEDMAN ISN’T RUNNING THE SHOW ANYMORE:” Consumer Sentiment Hits Absolute Rock-Bottom All-Time Historic Low as The Economy Enters a Recession.

From John Sexton, a Financial Times survey of economists finds that a majority expect a recession next year.

Next year?

Okay sure whatever.

The US economy will tip into a recession next year, according to nearly 70 per cent of leading academic economists polled by the Financial Times…Jay Powell, the Fed chair, has conceded that the central bank’s efforts to moderate inflation may cause “some pain”, leading to a “softish” landing that sees the unemployment rate rise “a few ticks”.

But many of the economists polled are concerned about a more adverse outcome given the severity of the inflation situation and the fact that monetary policy will need to shift towards much tighter settings in short order to address it.

Yeah so we didn’t have to wait until next year: At least according to the Atlanta Fed tracker, the economy is predicted to post a 0.0% growth rate in the second quarter, which, combined with the negative growth in the first quarter, means we’re gone two quarters of zero or negative growth.

(Corrected: This is a predicted growth rate not a “posted” one as I said originally.)

We’re in a recession.

Related: Fed hikes rates by 0.75 percentage point, biggest increase since 1994.