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Recall that there are to reasons why the US economy outperformed expectations this year.
The first was the stealth stimulus of Bidenomics which is about to plateau:
Albert Edwards first observed the second at Societe General. That corporate debt was deleveraged and extended so far during COVID that rate hikes delivered net interest profits:
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.