Economic Downturn Continues to Deepen;
Major FOMC Easing Remains Likely by September 2019

Gold Has Rallied Even Faster Than U.S. Stocks Have Gained,
Based on Anticipated Fed Accommodation

May Real New Orders for Durable Goods Held on Solid Track for a
Third Straight Quarter-to-Quarter Decline, Both Before and After
Considering Volatile Commercial Aircraft Orders

Third Estimate of First-Quarter 2019 Gross Domestic Product Real Growth
Held Unrevised at 3.1%, Despite Major Internal Revisions to the Series

Real Growth in the Theoretically Equivalent Sister Gross Domestic Income
Revised Lower from 1.4% to 1.0%

Advance May Trade Deficit Indicated Renewed Deterioration and
Weakening Second-Quarter GDP

July 26th GDP Benchmarking Should Offer Some Downside Surprises

June Consumer Outlook Softened Amidst Mounting Stresses

Benchmarked Retail Sales Revised Lower Since 2016