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David Rosenberg says the U.S. recession isn’t coming, it’s already here. In this urgent interview with Trey Reik (Part I of II), Rosenberg explains how trillions in post-COVID stimulus masked economic pain, why that fiscal support is now gone, and how Wall Street is misreading the signals.

He breaks down the Fed’s biggest policy errors, including Jay Powell’s obsession with legacy over leadership. Rosenberg warns that the Fed is ignoring its own Beige Book and that both soft and hard data now point clearly to contraction. From consumer stress and housing unaffordability to labor market weakness and collapsing business investment, the red flags are multiplying.

Key topics discussed:

• Why Rosenberg thinks the recession has already started
• The Fed’s credibility crisis and Powell’s “legacy problem”
• How government stimulus distorted the economy
• Rising uncertainty from trade and tariffs
• Housing and labor market red flags
• The only sector still showing strength: AI and data centers
• Why Treasuries are his top conviction trade

Video Length: 00:43:35

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