Welcome to the Real Vision Daily Briefing. It's Monday, August 2, 2021. I'm Ash Bennington, joined

today by Jack Farley and our guest, Darius Dale, from 42 macro. Here are the stories we're looking

at right now. Stocks fractionally lower at the close after advancing this morning on strong earnings

than declining after the ISM factory activity gauge weakened. I would say slightly, really,

for the second month in a row. Jack, what are you looking at today? I'm looking at exactly that.

The ISM purchasing managers, managers, index came in at $59.5 below the 61.0 that was expected

from economists. Of course, when you're talking PMIs or reading above 50 indicates monthly

economic growth, whereas a reading below 50 indicates economic contraction. 59.5 does indicate

that the economy is still growing. It's just that, as you mentioned, Ash, the pace of that recovery

is itself slowing down. I want to talk to Darius about that. I also know Darius is looking at

economic data from South Korea. Ash? Yeah, so it's like decline on the rate of expansion on ISM

second derivative. I'm also looking at the infrastructure bill. Senators are putting the finishing

touches on an infrastructure bill in the Senate, heading soon for a vote. How big will it be

about a billion dollars in the bill in the Senate? $3.5 trillion, excuse me, $1 trillion on the bill

in the Senate and $3.5 trillion in the House got a lot to reconcile there. I'm very eager to hear

Darius' take on that. Talking of which, Darius Dale, always a pleasure to have you on the real

Chandelier briefing. It's great to be back, Ash. Check. How you guys doing? Doing great. Darius,

what are you looking at today? What are the things that are popping out to you on your dashboard?

Yeah, so I mean, I would say the ISM data was marginally confirming of three things we've

been talking about for months in 42 macro. One growth is going to slow in the back half of the year.

Two inflation is going to slow in the back half of the year and three growth and earnings are

likely to start to disappoint as we get further into Q3 and obviously into Q4. In terms of that,

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