Bank of America takes a chainsaw to its US economic forecasts, after real-time debit and credit card purchase data point to a collapse in many sectors.

Here are the old versus new forecasts.

The unemployment numbers are going to be BRUTAL. BofA predicts it will spike to a high of 15.6%, and only fall back to levels near previous downturns once the virus crisis fades.

This despite the fiscal deficit ballooning to post WWII records to ameliorate the impact.