It is imperative to appreciate the exceptionality of the situation. Never before has the world gone into recession with interest rates so low and with the balance sheets of central banks so massive. This time truly is ”different”...
... the stock market still trades close to its highs and credit markets are seemingly placid. And yet, the first cracks are actually beginning to show up...
Major inflection points in consumer spending intentions have been a clear leading indicator to what awaits the US unemployment rate, and according to the latest data, Unemployment is set to spike to 5% in the coming months.