Since the end of QE3 (and the end of the government's fiscal year), US macroeconomic data has disappointed and weakened on an unprecedented scale. With April data not showing the post-weather bounce that every sell-side economist is hoping for, the absolute level of macro weakness was only marginally weaker in the past in the aftermath of the Lehman crisis.
WTF!?
[3]
In the past, fundamentals mattered...
[4]
Which leaves us wondering... how long before these jaws snap shut?
[5]
Charts: Bloomberg
