Businesses, Governments Join the Drunken Sailors. Consumers Still in Party-Mode: Tough to See a Slowdown in this Scenario

What’s easier to see in this scenario is more persistent inflation.  GDP, adjusted for inflation (“real GDP”), jumped by 2.4% in Q2 from Q1, following the heavily upwardly revised 2.0% increase in Q1, according to the Bureau of Economic Analysis today. All major categories, adjusted for inflation, increased: