There comes a time when you just have to admit you were wrong… You were wrong. Industrial Production plunged 1.8% year-over-year – the fastest pace of collapse since May 2008 and a level that has never not produced a recession.

MoM IP dropped 0.4% (double the 0.2% drop expected) as Capacity Utilization plunged to 76.5% (the lowest since July 2013) as Manufacturing hovers at its weakest growth YoY since Feb 2014.

Does that look transitory in any way?