Top-of-mind economic news as we start the week:
— U.S. inflation-adjusted GDP fell 0.9% in 2nd quarter 2022, after a 1.6% drop 1st quarter, indicating country is technically in a recession.
— The Federal reserve raised its key interest rate another 75 basis points, increasing the rate’s upper bound to 2.5%.
— Sales of new single-family houses in the U.S. dropped to a two-year low in June, despite prices falling 12% since April.
— Germany’s retail sales fell 1.6% in June, and are down 8.8% over the past 12 months, the biggest annual drop since tracking began in 1994.
— Sustainable bond issuance in 2nd quarter 2022 hit a record 15% share of global total issuance, per Moody’s ESG Solutions.
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