S&P Global's PMI data released this morning seems to indicate more than expected drop in manufacturing activity and less than expected drop in services activity in June. Overall, it appears that US economy might have continued to expanded in Q2. There might be slower growth anticipated in several regions of the world (Australia, Japan, Europe). Interest rates are still rising world over (as seen from Bank of England's decision to raise rates this week) so the concern over growth might be expected anyway. I think it is more about will the central banks of the world succeed in "soft landing". Remains to be seen.
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