The macro data on US GDP has been released, alongside new pirouettes from Trump. Despite the built-in positivity, the indicators turned out to be negative. In the process of experimenting with measures in the economy and government spending, there may be some instability and wobbling at the moment.

In the long term, however, things are not so bad and a recession is far from an obvious option, which, when paired with everything else, rather brings us closer to a reduction in the price-to-earnings ratio and a new wave of long-term positivity.

It's all Biden's fault!!!