Situational awareness: China's economy came roaring back in the second quarter. Chinese GDP was 3.2% higher in Q2 than it was in the same quarter of 2019 — and the growth rate from Q1 was an eye-popping 11.5%.
- America's Q2 GDP report comes out on July 30. It's going to be one for the record books — in a bad way.
- Also in data points: June retail sales were back to pre-pandemic levels; the interest rate on 30-year mortgages is now 2.98%.
I'll be on a 2-week vacation when the U.S. GDP report comes out. In fact, this is the last-ever edition of Axios Edge. When I return on Aug. 6, this newsletter will have a new name — Axios Capital. The sign-up link still works, though!
In this week's edition: Economic pessimism, bank profits, consumer debt, a key Senate vote, and lots about Tesla. All in 1,645 words, a 6-minute read.