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Pictured: The US economy at the end of February. Warner Brothers
The Next Step Is A Doozy
The preliminary Q1 GDP report, just issued, is a bit of a strange beast. All indications are that January was a decent month, and February a little softer, but still roughly on the lukewarm ~2% annual pace of real GDP growth we’ve been on this entire cycle. The virus was already here as February rounded to a close, but like Wile E. Coyote before the inevitable happens, gravity only started working when we all collectively looked down at