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The stock market is down this morning on worse-than-expected PPI inflation news, heightening fears of more aggressive Fed tightening and a recession. The yield curve spread between the 2-year and 10-year Treasuries is solidly inverted at -24bps.
In addition, JP Morgan Chase reported that Q2 profits slumped as the bank built reserves for bad loans by $428 million and "temporarily" suspended share buybacks. The bank's CEO Jamie Dimon warned in early June that a hurricane is coming. He said, "JPMorgan is bracing ourselves, and we’re going to be very conservative with our balance sheet.”
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