IMO we'll see sectors fall and start to recover at varying times and its going to be difficult to assess the economy in aggregate. Rates will continue to bleed

IMO we'll see sectors fall and start to recover at varying times and its going to be difficult to assess the economy in aggregate. Rates will continue to bleed out non-productive companies but large zombies might be able to survive. An additional rate hike in July is now close to consensus so I think behind closed doors the Fed and others are very concerned about large bankruptcies and contagion - using rates more aggressively to accelerate the burn might help to level things out.