Since QII/19 shown 7 year forward NGDP level has been dropping.  The lows for SP500 in QI/20 were at support in my model.  Recent Fed action has magnified error begun with Powell ending normalization Dec/18.  Covid19 incidental.  SP500 to 1800/1900.
https://t.co/XdBFRS9785 https://t.co/2QXP1ETDlI