Stocks, Bond Yields Tumble After Manchin “No” On Build Back Better, Goldman Slashes GDP


By Tyler Durden,

A decisive "no" from Senator Joe Manchin on President Biden's Build Back Better (BBB) social engineering spendfest has sparked anger from The White House and economic outlook cuts from Wall Street.

While BBB enactment had already looked like a close call, in light of Manchin's comments Goldman has removed the assumption that BBB will become law from its forecast.

In light of their changed fiscal assumptions, Goldman lowers their real GDP forecast for 2022: 2% in Q1 (vs. 3% prior), 3% in Q2 (vs. 3.5% prior), and 2.75% in Q3 (vs. 3% prior).

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