Big banks’ top managements sounded relatively sanguine about the economy as they reported solid Q2 results, though JP Morgan CEO Jamie Dimon hasn’t totally abandoned the recession storyline that spooked investors a year ago. … There are two versions of the bearish economic script now, one seeing recession at the hands of savings-drained consumers and other seeing recession at the hands of the inflation-fighting Fed. We counter these narratives with data on consumers and liquidity and by making our case for “immaculate disinflation,” the notion that disinflation doesn’t require a recession.
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