I'm not going to sugarcoat it for you.

The economy is in terrible, terrible shape.

Pessimists say the economy could not possibly get any worse.

Optimists say it absolutely can.

Whole sale prices are up a whopping 10.8% over the past year.

Gas prices have hit their 18th consecutive day of all time highs.

And the Atlanta Fed's GDP now estimate is currently showing 0% economic growth, meaning

that the US is very likely headed for recession.

In order to combat the insane levels of inflation, the Federal Reserve announced yesterday that

it will be raising interest rates by 75 basis points, which is the most aggressive rate

hike since 1994.

And Chairman Jerome Powell has suggested he may raise rates by the same aggressive magnitude

again in the near future.

Now, we know that the hike will make it much, much more expensive to borrow money.

But we don't know if it will succeed at getting inflation under control.

Again, we've been expecting progress, and we didn't get that.

We got sort of the opposite.

So I also think the situation really since the consequences of the Ukraine war become

more and more clear, what you're seeing is the situation getting more difficult.

And you look around the world.

I mean, lots of countries are looking at inflation of 10%.

And it's largely due to commodities prices.

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