Biden Admin Is "All Gas, No Brakes" On Economic Reflation; Nomura Warns "Running It Hot" Into Election Wrecks Powell's Plan

Following Friday's 'hot' average hourly earnings print, and the surge in ISM Services Prices Paid this week, a quiet few are questioning not just whether a soft-landing will or won't occur, but whether there will be landing at all... or just a vertical ascent on the wax-and-feather backs of Washington spending and a just as rapid 'crash landing' when the wings finally melt.

Nomura's Charlie McElligott has been worrying about what he calls "Animal Spirits 2.0" for a while as the lagged impact of last year's massive easing of financial conditions drives the economy hot... right as The Fed plans to start cutting rates.