‘This Matters Meaningfully’: Nomura’s McElligott Flags Inflection In Key ‘2020 Recession’ Indicator

Sentiment is surging, even as the Fed is on the verge of creating restrictive conditions in an effort to apply the brake on a late-stage expansion that’s been turbocharged by deficit-funded stimulus. That's from a Wednesday morning post documenting the latest prognostications of SocGen's incorrigible but exceedingly affable bear Albert Edwards. The idea that the Fed may soon be forced (by the plunge into late-cycle stimulus) into engineering restrictive policy is a narrative that's likely t