Oh, wow, we’re about to get even more bad economic news.
The U.S. economy ground to a halt for almost the entirety of April. Now the world is about to find out the depth of that contraction.
Data due Thursday are forecast to show U.S. gross domestic product plummeted an annualized 34.8% in the second quarter, the most in records dating back to the 1940s, after the spread of Covid-19 prompted Americans to stay home and states to order widespread lockdowns.
Because of a virus… But, not to worry – the Fed has all that funny money, so it’s really a gain!
This is the high price of economic sorcery.