I continue to try and process what is going on in the markets, which are behaving very strangely but now, I suspect, approaching another potential turning point.  The disparity between normally reliable leading indicators and what the markets are doing remains very wide. The former clearly points to a recession, while implicit in current market prices is the assumption that inflation will return to its 2% target more quickly than was thought, leading to central bank interest rate cuts later this year.  Meanwhile corporate earnings are starting to weaken. There is no doubt that the economic dat...