On June 30, 2019, the current economic expansion tied the old record from the Clinton decade of 40 quarters, and as each month passes without a recession it will be setting new records for duration (although not strength, but that is another story, for another report). As we have pointed out many times, economic expansions do not end because of old age. It takes a policy mistake. In the past when inflation pressures emerged, the Federal Reserve (Fed) would intentionally remove the punch bowl by raising interest rates and end the party. But somewhere during the Q4/2018 equity swoon, President Trump’s jawboning for ... (full story)