Shocking stat of the day: Currently, ~82% of the US population lives in regions experiencing an economic recession, the highest share since 2020. The analysis uses the Fed Beige Book, a report published 8 times a year based on anecdotal information gathered from businesses, economists, and market contacts from the 12 Fed districts. The percentage has DOUBLED since the start of 2025. Over the last 20 years, only 2008 and 2020 saw such a large share of the country in recession. Meanwhile, the latest Atlanta Fed estimate for real US GDP growth in Q3 2025 is +3.9%. What is happening here?(The Kobeissi Letter)