by Mike ‘Mish’ Shedlock
Pitifully Late Recognition of the Obvious
It’s been pretty clear that the global economy has been slowing for some time, but recognition of that fact has been pitifully slow.
In January, the Fed still believed it would get in four rate hikes this year. The IMF also held to its overoptimistic global growth estimates.
Amusingly, the Fed still believes recent weakness is “transitory”, but the always late to the party IMF changed its tune today in the wake of miserable trade data from China.
Also today, the Organization for Economic Co-operation and Development (OECD) joined the IMF today with a warning about global growth.