Just A Minor Forty-Niner

It’ll Get Worse Before It Gets Better

Given a continued global economic slowdown within what we view as a late-cycle expansion, we continue to monitor closely a broad range of economic variables for any indication that our current “recession watch” status is in need of escalation to “recession warning.” We don’t believe we’re at that stage yet, although we wouldn’t necessarily expect the actual data, itself, to validate such convictions any time soon. In fact, things will very likely continue to look worse before they start to get any better.

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