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Hi everyone. Welcome to the Real Vision Daily Briefing. It's Friday, July 22, 2022. I'm Maggie Lake, here with Raul Powell, co-founder and CEO of Real Vision.

Raul, we made it to another Friday. It's been a hell of a week. I know. Lovely to see you. It's always good to get together on a Friday with you.

It's a nice opportunity for us to recap, and you almost forget what happened at the beginning of the week, because there's been so much information dumped on us again.

We had a lot of interesting economic data, and I thought of you particularly when we saw the Philly Fed. We'll get to that in a minute.

We had larger than expected rate hike from the ECB for a time in 11 years. And yet, we had crypto rallying, we had tech stocks rallying, the NASDAQ ending the week up, I think something like 3% even though it was down today.

Look at all this going on. What are you thinking about? How are you interpreting all of this?

For me, everything has come to me into focus, and it's really becoming crystal clear.

I've been writing about this in Real Vision Pro macro for months saying, OK, this is where we're going. These things take time to play out.

And these things mean, OK, the markets need to price a collapsing growth.

And the inflation story is going to change into a growth story, and it's going to pivot what markets do. So things like oil, which have been leaders will not do as well, commodities will get hit because of demand destruction.

And we'll eventually see bonds rolling over, and probably more so oil. And as we see that trigger, we will see.

The kind of growth, the end of the market starting to outperform. So that had been my base case for a while.

And I've been counting it down and showing people, I've showed it on Twitter, been writing about it in depth and talking on daily briefing about it.

And also on Real Vision, I've had some updates. But basically, it's now become clear from the forward looking data.

The fully fed and everything else is just showing it. But if you start to look at the really forward data like.

The new orders component of all the regional fed surveys, they're pricing things like ISM at 35.

You know, these are shocking declines, which I've been trying to tell people about is economic growth over the next three months is going to shock people to the downside.

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