GDP revised down dramatically in Q1. Q2 revised up to 2.5% on inventory growth and export growth very one-offish events. Q2 consumption part of GDP lower that Q

GDP revised down dramatically in Q1. Q2 revised up to 2.5% on inventory growth and export growth very one-offish events. Q2 consumption part of GDP lower that Q1. With Fed induced spike in interest rates, mortgage apps are way down and housing sales figures are cooling fast. Emerging market currencies are being routed. Europe continues to languish. Employment is a lagging indicator.