Data Divergence

The US economy can currently best be described as a Schrodinger Economy. On one hand, 22Q1 GDP was -1.6%, 22Q2 is likely to come in at no better than 0%, real incomes are declining, the yield curve is flat, equities are weak, and consumer sentiment is at multi-decade lows. Conversely, job growth is excellent, home prices are soaring, corporate spending on equipment is very strong, and the dollar is surging.