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As expected, the US economy shrunk the most in post-war history as the unprecedented lockdown closed businesses and left millions out of work. The 32.9% print was actually slightly better than the 34.1% decline expected by analysts. The previous record of a 10% contraction, which now appears meagre, was recorded way back in the first quarter of 1958.As we saw from last night’s Fed warning about the fate of the world’s largest economy depending ‘significantly on the course of the virus’, traders are mindful of the rocky road to recovery as renewed curbs on business stall hopes for a V-... Read More

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