The top investment banks in the country see US GDP contracting by at least 30% in the second quarter. With new lockdowns announced in major state economies yesterday, the hole will probably get deeper.
From a purely utilitarian perspective, this is the dumbest public policy the United States has ever enacted (meaning the number of people negatively impacted is many multiples of the number of people helped).
This will be the first contraction in global economic activity since World War II.
That speculation that the US economy was going to return to trend… Not so much now.
I’ve never seen a chart like this before.