Advance 2021Q2 GDP grew at an annual rate of 6.5%, much lower than the market consensus of 8.5%. Final CQM forecast of average growth rate of real GDP on both the expenditure and income side was 6.3% and final PCA forecast was 6.4%. As CQM had forecasted, all kinds of inflation exceeded 6% in 2021Q2. This week’s CQM forecasts the sharp economic slowdown in 2021Q3 but still high inflation in 2021Q3. The economy in 2021Q3 will be very tough for economic policy makers such as the Federal Reserve Bank and the White House. Both the Fed and White House are optimistic about high inflation because they consider it temporary. President Biden has recently introduced a new economic theory that his multi billion spending bills will reduce inflation, reduce inflation, and reduce inflation.