The econ team over at Morgan Stanley thinks we can avoid a recession. Here's why:
1) "A powerful global growth dynamic will continue to fuel not just U.S. output but also U.S. employment and income growth." (My translation: Thanks, Asia!)
2) "Capital and hiring discipline and aggressive inventory management all limit the downside risks to growth in those areas." (My translation: Companies have stayed lean and mean.)
3) "Financial conditions aren't uniformly restrictive: A weaker dollar, higher equity prices, an easier monetary policy, and lower risk-free yields are supportive of growth." (My translation: Thanks, Bernanke!)
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