The market is still not priced for a proper recession

The stock market is almost always late to waking up to the threat of a recession, but it is increasingly hard to miss the Warning from the Federal Reserve. Not only there may be a recessionbut the Fed has no intention of intervening to save investors this time.

The problem is that I used to hit about all year: Investors still does not include many threats income, although recessions almost always hit earnings hard. Instead, much of the decline in stock prices is due to an increase in exchange rates that lowers valuations. Slightly lower earnings have been accepted this year, at least when oil-based energy companies are excluded, but Wall Street continues to predict decent earnings growth next year.

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