Chicago PMI Enters Contraction! Morgan Stanley Recession Warning… (Video)
Chicago PMI Enters Contraction! Morgan Stanley Recession Warning… Video by Silver Report
Earlier this month we explained that Mike Wilson from Morgan Stanley was warning about a US recession and we were about to see sharp drops in the PMI prints… Well now we have them the Chicago PMI has just crashed into contraction falling far below even the most bearish estimate. It’s clear manufacturing is entering a recession in the US. We also see expectations of a rate cut of 50 bps in July have been on the rise and the problem is whenever the fed begins an easing cycle the do not start with a 50 bps cut unless we were in a recession.