The Risk of a Rolling Recession

The yield curve is still deeply inverted. The index of leading indicators is still falling. I think they're about to do in reverse what they did when they were easy for too long. There's a lot of conflicting data. And I think that may support Ed Yardeni's point, which is a rolling recession. So you know, the market is a forward discounting mechanism and markets sniff this out as it did before Volcker declared an end to his battle against inflation.