'Economic Armageddon' about both inflation and growth have not played out: Jefferies' David Zervos

• Predictions of 'economic armageddon' on inflation and growth have not played out, with CPI at 2.4% (levels seen post-COVID surge).
• Fears of deglobalization were overblown; trade has been 'our friend' with deficits coming down and net exports positively contributing to GDP.
• The budget deficit to GDP ratio has decreased to 5.7%, a significant improvement from over 7% that many have overlooked.

David Zervos of Jefferies argues that predictions of 'economic armageddon' regarding inflation and growth have not materialized, with CPI at 2.4% and trade deficits improving. He dismisses fears of deglobalization, noting that while trade patterns are shifting, the overall economic outlook is more resilient than many economists predicted.