Recession is official … inflation is out of control. pic.twitter.com/La6xBNZC5q
— Wall Street Silver (@WallStreetSilv) July 27, 2022
What is going on in China? 🇨🇳😱 pic.twitter.com/oYWHvFhF1a
— AndreasStenoLarsen (@AndreasSteno) July 27, 2022
POWELL: WE'RE SEEING REAL DECLINES IN FOOD CONSUMPTION
— *Walter Bloomberg (@DeItaone) July 27, 2022
UK Natural gas price for December
Peak of inflation is a mirage pic.twitter.com/8L7VTt7MVI
— 🅰🅻🅴🆂🆂🅸🅾 (@AlessioUrban) July 27, 2022
McDonald’s and Chipotle say customers are trading down, visiting less often as inflation hits budgets.
Plus: Pending home sales fell 20% in June versus a year earlier as mortgage rates soared.
And: China’s property sales are set to plunge 30% — worse than in 2008, S&P says. “China’s property sales will likely drop by about 30% this year — nearly two times worse than their prior forecast, S&P Global Ratings said, citing a growing number of Chinese homebuyers suspending their mortgage payments.”
But there’s a bright spot amid the gloom: Vox Media cuts staff, slows down hiring as recession fears grow.
h/t Glenn Reynolds