The real problem of the US economic agencies is not the second quarter of negative real GDP growth but the increasing GDP price index inflation of 7.5% (Figure below). This is a very large value and demonstrates the broadest increase in prices throughout the whole US economy. This time extremely large inflation is accompanied by the technical recession (two consequtive qurster with neagative real GDP growth). There is no sign of the inflation rate decrease in 2022Q3 (but not in 2023). The increasing rate of price inflation suppresses economic activity: overall economic uncertainty rapidly rises and the overnight borrowing rate must be increased by the FOMC.
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