| Dear Investors, This week we look at a number of US economic indicators, some of which point to a slowdown. But are we close to the end of the decade-old bull market, or a recession? Key takeaways: - The US faces political turmoil and contradictory economic signals
- We are watching for signs that the decade-old bull market is weakening
- US consumer spending is holding up and unemployment is still low but manufacturing and services are in decline
- The Sahm Rule offers a new indicator
- While there is some weak data, we see no short-term recession threat.
Best regards, Stéphane Monier
Chief Investment Officer, Lombard Odier Private Bank | 
