That some people are expecting the recession really has no bearing on how strong it will be. That really has more to do with asset market prices than recession

That some people are expecting the recession really has no bearing on how strong it will be. That really has more to do with asset market prices than recession strength ( which incidentally don’t seem to have got the memo.) It really has to do with slow downs in manufacturing, construction, sales, and employment that feed off each other. And at a deeper level with liquidity cycles and whether conditions are easing or tightening. Conditions are tightening, and of the four markets I mentioned earlier, all are down. Employment is hanging in there the best, but that’s always the last domino to fall. We may well already be in the recession, but it’s only usually called after the fact.