Reports from the economic front, this week, have been discouraging. Especially yesterday’s revise in first quarter GDP to almost three percent negative growth. A contraction, in other words. Another one of those, on the back of that one, and we are officially in a recession. Yesterday, the durable goods number for last month came in at minus 1 percent, which does not indicate a quick or robust bounce back.

Today, we get first time claims and as Lorraine Woellert of Bloomberg reports: