Transitory Purgatory

Ironsides Macroeconomics 'It's Never Different This Time'

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Transitory Purgatory

Still detoxing, softer consumption, another leg lower for housing, weak demand for labor, a sharp drop in core earnings growth and a Fed in transitory purgatory

Barry C. Knapp

Jun 23, 2025

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This is an audio summary of our June 21 note, Transitory Purgatory

*Figure 5: We typically smooth this data, but given the policy volatility the last couple of weeks of negative revisions is notable.*

Barry C. Knapp

Managing Partner

Director of Research

Ironsides Macroeconomics LLC

908-821-7584

bcknapp@ironsidesmacro.com

https://www.linkedin.com/in/barry-c-knapp/

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