Growth: Theres a big divergence between the U.S. and the rest of the world.

While U.S. growth seems to have accelerated, Europe’s and China’s growth have decelerated. U.S. gross domestic product (GDP quarter-over-quarter growth is expected to triple by the end of the third quarter, according to several Federal Reserve (Fed) high-frequency indicators. A robust labor market and rising real wages remain big supporting factors despite the headwinds of higher inflation and higher rates. But there are signs of cracks. Mortgage applications recently stumbled to a 3-decade low as 30-year mortgage rates climbed-hitting 7.3%, the highest level since 2000. Also, U.S. purchasing managers’ indexes (PMIs) continued slowing as both the Manufacturing PMI and the Services PMI weakened lately, softening some of the strong growth outlook provided by regional Fed indicators.

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