From Overheat to Recession with no Transition?

Equity markets almost corrected in just three days. The dip does not seem to have been triggered by a single factor, but rather by a new environment: the (finally) hawkish turnaround initiated by the Bank of Japan (with a surprise rate increase) which sent the Yen soaring; rising unemployment in the United States; and flaring geopolitical risks in the Middle East. However, the detonator was the weakness of US labour data.
 
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