Welcome To The Biden Recession: Q2 GDP “Unexpectedly” Shrinks 0.9%, 2nd Consecutive Decline

Considering the dismal Atlanta Fed GDPNow prints in recent weeks, and considering the full-court press by the Biden admin to change the definition of recession, it will hardly be a surprise but in any case moments ago the Bureau of Economic Analysis confirmed what everyone has long known and that is that the Biden economy is now in a technical recession: the first estimate of Q2 GDP came in at -0.9%, far below the 0.5% consensus forecast (but right on top of the Atlanta Fed -1.2% tracker), and while an improvement from Q1’s -1.6%, this was still the second consecutive quarter of declining GDP which as far as the markets are concerned at least, is the definition of a recession.