Forget the headline number (revised down to -0.5% A.R. vs. -0.3% originally reported), look at personal consumption expenditures (more than 70% of the U.S. economy), which collapsed by a downwardly revised 3.7% A.R. (vs. 3.2% originally reported), the fastest decline since Q2 1980 when a 20% Fed funds rate and Jimmy Carter’s credit controls paralyzed the U.S. economy. This time the private capital markets are imposing the force typically created by a 600 bps+ inversion in the Treasury yield curve. GDP in Q4 probably will decline by a 4-5% annualized rate.