BREAKING: The Atlanta Fed's GDPNow estimate for Q1 2025 GDP has been lowered to -0.5%, NET of gold imports and exports. Including gold, the Atlanta Fed's GDPNow estimate is down from +3.9% to -2.8% in under 3 months. Why are they adjusting for gold? Because we have seen depression-like purchases of physical gold in the US which are "skewing" the GDP estimates. Regardless, the Atlanta Fed now sees GDP CONTRACTION in Q1 2025 for the first time since 2022. Meanwhile, Core PCE inflation jumped to +2.8% this morning. Stagflation has arrived.