For nearly three years, we've been discussing stagflation as the ultimate outcome of Covid and the economic/monetary reaction to it. The reality of this forecast becomes more clear with time as the U.S. inexorably drifts toward recession with lingering inflation.
Today brought the first guess at Q1 GDP and, though many Bank "economists" were forecasting a number well in excess of +2.0%, the official guess actually came in at just +1.1%.
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