OPINION: Scott Shellady predicts a big week for the economy

“And it’s here!”

This is the week we’ve been waiting for. A slew of economic numbers will be out that could begin to shape things going into the midterms.

The first number will be the Fed’s interest rate hike on Wednesday at an expected .75 bps. This is an aggressive rate hike and will be billed as warranted because of the hot inflation reads. Consumer and producer prices are still arguably out of control. “My issue is that they are backward-looking indicators, and I’ve argued that the sand is shifting beneath the Fed’s feet faster than they can actually react to it,” Scott Shellady states.

Also, the GDP number will be out Thursday.

However, the White House has already re-defined recession.

Late last week, Ford became the latest company to announce job cuts. It is eliminating 25 percent of its U.S. workforce, 8000 jobs, to cut costs.

“If we’re not already in a recession it sure feels like one,” Shellady adds.

Scott spoke with CPA Dan Geltrude on the changing definition, inflation, and what the numbers really mean.


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