Quick Market Update: Bad Economic News Overwhelmed by Good Medical News this Morning, and rightly so On the economic front, the worse than expected drop in US Q-1 GDP — at minus 4.8% —is indicative of the huge economic hit damaging every element of private sector activity. And with the shut down not reaching critical mass until the start of the fourth week of March, quick back of the envelope calculations suggest the Q-2 contraction could be as large as 40%. Against this, the good (Gilead treatment related) medical news confirms that, with scientists working really hard, every day gained is a win. And that's where the two issues link up. Sound and timely economic policy making is needed to provide a long enough runway for medical advances ... by containing current and future damage to the economy while minimizing costly distortions. #economy #markets #Gilead #coronavirus #covid19 …see more