In this episode, we discuss Danielle DiMartino Booth's bold prediction that the recession will be backdated to October 2023. We delve into the implications of being nine months into what she predicts to be an eleven-month recession, the recent global interest rate cuts, and the dynamics of the current housing market. We also examine recent economic indicators like mortgage applications, unemployment rates, and consumer behavior, particularly in the context of potential deflationary trends in car sales. Join us as we unpack these complex topics and their potential impact on the economy.
\n[00:00] - Introduction and Danielle DiMartino Booth's recession prediction.\n[00:48] - The significance of being nine months into a predicted eleven-month recession.\n[02:07] - Global interest rate cuts: Switzerland, ECB, Sweden, and potential Fed actions.\n[03:55] - Earnings reports: Darden Restaurants' revenue miss and Ruth's Chris Steakhouse acquisition.\n[05:13] - Weekly unemployment claims and their implications for the economy.\n[06:10] - Car prices and the potential for a deflationary spiral in consumer behavior.\n[07:13] - Mortgage application trends and their significance for the housing market.\n[08:44] - Homebuilder confidence and housing starts data.\n[11:21] - Consumer spending and household net worth analysis.\n[13:33] - The importance of addressing supply issues in the housing market.
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