While investors have been focused on the perennial failed hope for a second half economic recovery, they have been missing the most salient point: the U.S. most likely entered into a recession at the end of last quarter. That's right, when adjusting nominal GDP growth for core consumer price inflation for the average of the past two quarters, the recession is already here. But before we look deeper into this, let's first look at the following five charts that illustrate the economy has been steadily deteriorating for the past few years and that the pace of decline has recently picked up steam. There is no better ... (full story)