The Atlanta Fed has slashed its 2nd Quarter GDP forecast to 0.9%, less than 1% away from an official recession.

Analyst Comment: Just a few weeks ago many in the corporate press and academia claimed a near-term recession was virtually impossible, yet we are watching almost every market sector slow except for energy and food. Some are saying we are headed for stagflation, where GDP is mostly flat and prices inflate. I think it could be worse. We could experience an unprecedented time where most industries contract leading mass layoffs, bankruptcies and sell-offs, while energy and food continue to race higher.