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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- Real GDP saw a slightly larger than expected upward revision in Q2, from -0.9% to -0.6% annualised (cons. -0.7%), led by stronger consumption (from 1% to 1.5%) which was only partly offset by a slightly larger than first thought drag from residential investment (-0.6pps).
- The main drivers are broadly the same as the advance release: GDP fell again in Q2 with a concerning pause in final domestic demand growth (-0.15pp contribution) as a large drag from the change in inventories was only partly offset by a boost from net exports [chart 1].
- However, newly released data for real gross domestic income (GDI) showed continued divergence to GDP, supporting FOMC members Bullard and Waller in pushing back against recession fears, rising +1.4% annualised in Q2 after +1.8% in Q1 [chart 2].
- Average the two measures and the economy slowed almost to a crawl though 1H22 (+0.2% annualised), but would still be in stark contrast to the technical recession indicated by GDP (-1.1% annualised).
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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