A heightened degree of uncertainty is the defining feature of the moment. Isolating the signals from the noise is becoming increasingly difficult. In a recent interview with CNN’s Chloe Melas, Jeff Bezos described the economic climate as follows:

I don’t know whether we’re technically in a recession, economists argue over that and they have technical definitions, what I can tell you is that the economy does not look great right now… The probabilities say that if we are not in a recession now, we are likely to be in one soon. My advice to people is to take some risk off the table right now.

It’s fair to say that Bezos has an excellent view of the economy via Amazon (NASDAQ:AMZN). The heightened uncertainty is a signal that the economy is undergoing a fundamental phase change. In fact, Amazon forecasted sales for the current quarter to grow by just 2% to 8% compared to last year. While there is a material currency drag in the forecast, the numbers remain well below what investors have become accustomed to from Amazon over the years.

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