Via FTAlphaville:
With roughly six months to go until the US expansion becomes the longest on record, there has been growing concern that the global economy more broadly is running on late-cycle fumes.
Lofty valuations, soaring profit margins, a flattening yield curve and a Federal Reserve tightening in the face of (admittedly muted) inflationary pressures — especially as the sugar high of fiscal stimulus appears to be wearing off — make an easy narrative. So much so that most analysts are already baking in the next recession.
