Via SchiffGold.com,

After the second straight negative GDP print in Q2, the markets began anticipating that the Federal Reserve would pivot away from its monetary tightening. But a few choice words from some Fed members this week caused thoughts of a pivot to pivot. As Peter Schiff put it in his podcast, it appears to be damn the recession! Full ahead with rate hikes. The question is how long can the Fed keep this up?

On Tuesday, we saw a big drop in the stock market, as well as gold and silver, after a strong rally late last week and into Monday on the back of the GDP news.

Meanwhile, the yield on a one-year Treasury bill exceeded the yield on a 30-year US Treasury bond. That not only confirms recession but also indicates that investors are confident inflation will return to 2% and stay there for 30 years.