Who would’ve thought?
The ECB makes this point in a footnote on page 10:
“Central banks are protected from insolvency due to their ability to create money and can therefore operate with negative equity.”
Trade deficit higher than expected.
GDP estimates being revised down:
And note the general downturn in trade which has always been associated with recessions in the past:
GDP growth forecast down to only +.4% annualized, and the inventory correction impulse is yet to come:
No sign of life here yet:
Up a bit, but the trend still looking lower from last summer’s highs, as the slump in oil capex works its way through the economy:
ISM Non-Mfg Index