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Fed on Wednesday "Modestly restrictive policy stance is needed" NFP downward revisions Friday: May +19K jobs June +14K jobs July +73K (let's see about that number in the revisions) I mean - am I the only one thinking that the FED is completely oblivious about the economy? How much more do we need to see? Bernanke (Feb 2008): "Ready to act if Recession should appear." Fact check: Recession was 3 months old already. Yellen late 2021: "Inflation will stabilize and come down to around 2 % – 2.5 % by mid‑2022" Fact check: Inflation soared to 9.1% in June 2022 Powell June 2025: "Recent data indicated the economy continued to expand at a solid pace, with the labor market remaining strong" Fact check: May and June NFP close to recessionary levels. If the Fed was in charge of the Moon-landing - they would miss the Moon. The tools of the Fed are backward-looking and outdated. Reality is: Leading Indicators have flashed since November 2024, that slowdown is coming. Now coincident indicators suggest, that Recession is moving closer. Sign-up for "The Zeberg Letter" and real macro understanding here: https://t.co/SeWTaaOxDm