, Columnist
Markets Are Acting Like a Recession Is Unavoidable
It’s not just the bond market that’s signaling a severe economic slowdown. Also, Boris Johnson has failed to charm currency traders.
Signs of a slowdown are mounting.
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If there were no trade conflict between the U.S. and China, would it be necessary to invent one? In other words, would it be possible to explain what is going on in markets without making reference to the deteriorating U.S.-China trade relations? I am beginning to suspect that it would. Bond markets may be behaving as though they are bracing for something terrible to happen because traders are, indeed, scared that something terrible is going to happen.