‘Anything Without A Cusip’

Let's assume we are in fact late-cycle. Some folks will tell you that's not the case and they'll roll out all kinds of cherry picked metrics to support their contention that "mid-cycle" is a better description of where things stand. One thing worth noting about those arguments is that they are incomplete if the person making them doesn't at least acknowledge that central banks are the X-factor here - if we aren't late cycle it's only because central banks are keeping things in limbo. The goal