After weeks in the Strategic Investment Conference trenches, I am happy to return with a new Global Macro Update interview today. We are speaking with QI Research founder Danielle DiMartino Booth about recession signals, how America lost its ability to budget, and whether we’re barreling toward stagflation.

Layoffs are mounting. What started in tech is spreading to retail, manufacturing, and transportation. Danielle and I discuss what these job losses mean for inflation, along with additional signs that we might have been in a recession for months, possibly since last July.

Danielle, a former adviser to the Dallas Fed, unpacks a litany of troubling economic data in our interview. One stark example—for the first time ever, Americans are paying more to service their non-mortgage debt than their mortgage debt. We also cover AI’s impact on jobs, short-sighted Covid-era policies, and the coming “condo-mageddon.”

I encourage investors to watch through to the end for Danielle’s thoughtful guidance on what this all means for the markets and where to look for safe havens.

Watch my interview with Danielle DiMartino Booth by clicking the image above. A full transcript of our conversation is available here.

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