The S&P 500 (NYSE:SPY) 3rd quarter earnings reporting season is fast approaching and it's time to start preparing for what could be a very bad season. While there are some glimmers that inflation has peaked it's still high, biting into the bottom-line outlook, and compounded by supply chain problems both old and new. Those companies which still have strong businesses are having a hard time meeting the demand because of supply chain constraints while the weaker businesses are faced with a bloated inventory. The takeaway is the outlook for earnings and earnings growth is weakening and not expected to get any better with the FOMC on track to hike rates by another historic 75 basis points.
