Editor's Note: Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more.

After major economies like Italy and USA hit #Quad4 in Q4, central banks went dovish in a hurry. What happens if an economy either stays in Quad 4 or moves to Quad 3? You don’t get an economic acceleration. You get stagflation and a profit squeeze. 

CHART OF THE DAY: #Quad4 to #Quad3 --> What Happens? - Chart of the Day