Morgan Stanley with the note:
NBER confirms the shortest recession in history at just 2 months. From the day the recession began last year, we’ve been ahead of the consensus with the progression of this new cycle staring with the v-shaped recovery. It’s all happening faster than normal and that means rotations and changing leadership is happening faster too.
Our midcycle transition starting back in March should now make more sense with historical comparisons as it typically begins about 9-12 months after the recession ends.