Q1 was “weather” – extreme cold and storms that wiped out (according to the PhD meteoroconomists) hundreds of billions of GDP (and appears to be getting worse.)

Recent macro data suggests the Q2 bounce (from all that pent-up demand) is slow in appearing (if at all.)

We suspect the following chart will be used as blame (and to reassure that Q3 or Q4 or Q10… will see the hockey-stick pick back up.)

This is the 5th week in a row that 100% of California is in severe, extreme, or exceptional drought.


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