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It is going to get a lot worse before any chance of getting better.
German GDP revisions show the country already mired in recession despite the government's assurances there wouldn't be one. And to reemphasize the global nature of the deflationary setback, US corporate profits tanked in the first quarter right when American hiring and wages was hoped to be enough for the soft landing.
Eurodollar University's Money & Macro Analysis
Bloomberg: Scholz Sees Germany Riding Out War in Ukraine Without Recession
https://www.bloomberg.com/news/features/2023-01-17/german-chancellor-olaf-scholz-on-2023-economic-outlook-war-in-ukraine
Bloomberg: Germany to Quash…
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