Central banks playing catchup There has been incredible resilience in equity markets in recent weeks as central banks have ramped up interest rate expectations, particularly at the Fed, and bond markets have at times priced in a recession. While there have been wobbles in stock markets, they’ve quickly recovered which suggests investors may not be buying the recession warnings. Of course, all recessions aren’t equal and it’s possible that much lower growth in the near term is already priced in as a result of the multiple headwinds facing the economy. A mild recession probably wouldn’t drastically change anything as ... (full story)