This is the nightmare scenario, and one of the possible outcomes over the next few months. It’s largely dependent on how consumer spending tracks the next few months. https://t.co/yVKlJnt3rA

— Chris Bay (@cbay99) May 29, 2020

The nightmare scenario is indeed deflation combined with resurgence of the pandemic in fall. If we can avoid this, which I doubt, an economic recovery might be possible.

I give the nightmare scenario about a 60% chance at this point. Prepare accordingly.