GDP misdirection and policy errors

Plus, gold, China, Ukraine, inflation, jobs and more

“This isn't life in the fast lane, it's life in the oncoming traffic.” – Terry Pratchett ||

Hi all! Happy May Day, if you celebrate it! I plan to. 😊

Production note: This newsletter will skip publication tomorrow as it’s a public holiday here.

IN THIS NEWSLETTER:

• GDP misdirection

• Are the policy errors deliberate?

• Inadvertent decentralization

• Macro-Crypto Bits: inflation, jobs, Ukraine, gold, China and more

If you’re not a premium subscriber, I hope you’ll consider becoming one! You get ~daily commentary on markets, tokenization, regulation and other signs that crypto IS impacting the macro landscape. As well as relevant links and music recommendations ‘cos why not.

WHAT I’M WATCHING:

GDP misdirection

In yesterday’s email, I hastily dropped in the headline figure from the US Q1 GDP report which was released just before I hit “publish”. My initial reaction was that the negative sign before the preliminary growth number was perhaps startling to many market observers, but wasn’t a big deal and the market would probably walk back its initial reaction.

Having had some time to dig deeper, I’m even more convinced that the report is not the recessionary validation many seem to believe.