A day after Fed Chair Powell crowed once again how the US economy was strong enough to cope with his hawkish rate-hike cycle (and President Biden told the world this morning that the US economy is the strongest in the world), the Atlanta Fed just stole the jam out of everyone’s donut by confirming the recession has started.

If you were curious why bond yields are plunging and rate-hike expectations are falling, then here’s your answer, courtesy of the Atlanta Fed, which just confirmed the economy is in technical recession.

…and the market is already pricing in more than 3 rate-cuts to address that recession.

Get back to work Mr.Powell.