29 Jul ’22, 09:15 Central Euro Time: As anticipated these recent months, “The Recession” is now formally recognized, (and absent the Chain Deflator ’tis rather severe as ’twill be noted in tomorrow’s edition of The Gold Update). Today, the Euro, Swiss Franc, Gold and Silver all are trading at present above their respective NZs; none of the other BEGOS Markets are below same, and volatility is moderate. Per our 18 Jul comment, the S&P 500 is near to its 4100 structural resistance area (yesterday’s high being 4079). ‘Tis a busy conclusion to the week for the Econ Baro, incoming metrics including Jul’s Chi PMI, Jun’s Personal Income/Spending and Fed-watched Core PCE Inflation Index, plus Q2’s Employment Cost Index.