"Worser and worser".  If US forward rates, term structure leading to those rates, volatility term structure has any relationship to US GDP, the forward level (7 years) of NGDP is now in backwardation.  If SP500 related to US NGDP, support well below 1800
https://t.co/R2ifzqEK05 https://t.co/iMMuWIBi66