A few hours later, the Atlanta Fed, whose "preposterous" below-consensus forecast we first flagged in early March, and which nailed the Q1 GDP to within 0.1% of the final print, came out with its own first Q2 GDP tracking estimate. The number: a recession-worthy 0.9%.

And cue panic as the entire Wall Street sell side scrambles to converge with the forecasting superstar Atlanta Fed, which unless sees a dramatic pick up in its own estimate, means that the US is looking at a 0.5% GDP for the first half, and anything less than 4% average GDP growth in the second half will lead to the weakest US growth in 2015 since 2011!

So for all those weathermen "economists" who scramble to do actual math in their GDP calculation instead of merely goalseeking meaningless numbers, we would like to remind you that we showed precisely how to recreate the Atlanta Fed number almost two months ago in "The Scariest Spreadsheet In Fed Possession Revealed."