America's current growth figure is misleading.
It is obvious that the economy lost momentum in the first quarter after a year of recovery from the pandemic crisis.
Consumer spending and investment are surprisingly robust.
High imports point in the same direction.
The main problem remains inflation.
The supply chain problems that have materialized as a result of the war in Ukraine and the failed pandemic policy in China, with their potential for price increases, have not yet been fully taken into account in the latest figures.
In addition, the American labor market is close to full employment.
If you drive America's freeways, you'll hardly see a truck that doesn't advertise for new drivers, sometimes with six-figure annual salaries.
Rising labor costs and potential delivery bottlenecks come together here.
Unfortunately, central banks aren't very good at containing high inflation in a way that doesn't result in a recession.
You can get a little scared.