Audio: Pivot is the Wrong Word

This audio recap focuses on our July 30 note, Pivot is the Wrong Word

Figure 3: Inventory investment slowed from $188.5 billion in 1Q to $81.6 billion in 2Q. This is another example of rebalancing from the pandemic given the contraction was the largest as a percent of GDP (-1.5%) since the post-war era. The NBER is not going to declare a surge in imports…