This week’s CQM/PCA updated only May nominal effective exchange rate for the U.S. dollar and average S&P500 until June 23. CQM unchanged real GDP on the expenditure side at 0.35% in 2022Q2 and revised that on the income side upward a bit from 0.59% to 0.64%. PCA adjusted real GDP downward from 0.74% to 0.69%. White House thinks that a recession is “not inevitably” which is now catchphrase for White House. Biden advises the American people, “Be confident. Be confident. Because I am confident.” “I’m doing my part,” Biden said. “I want the Congress, states and industry to do their part as well.” This is his usual leadership to pass the buck. As long as Biden is a president, a recession is inevitable.