Rabobank: Biden's Dire Rating On His Handling Of The Economy Is Remarkable

Rabobank: Biden's Dire Rating On His Handling Of The Economy Is Remarkable By Benjamin Picton, senior strategist at Rabobank The S Word Last week the data caught up with the public mood. Annualized US GDP for Q1 was +1.6%, well below the 2.5% consensus estimate and even below the most pessimistic estimate of +1.7% in the Bloomberg survey. Meanwhile, core PCE printed at 3.7%. Well up on the Q4 print of 2% and substantially above the consensus estimate of 3.4%. Lower growth and higher inflation has sparked conjecture that the United States is headed for – if not already experiencing – the S word: stagflation . The data generated plenty of excitement amongst the commentariat along those lines last week, but on Main Street the news that the economy is slowing - but prices aren’t – appears to have come as no surprise. The latest CNN poll puts Donald Trump six points clear of Joe Biden at 49-43, but the most telling result in the poll is respondent’s perceptions of Biden’s handling of the economy and inflation....

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