The United States might be posting some promising growth data amid government shutdowns and debt ceiling debates, but Albert Edwards, Societe Generale's uber-bearish strategist, has predicted a recession is coming for the world's biggest economy.
"No-one expects a recession is around the corner, but in my experience, they never ever do," Edwards said in his latest note released late on Wednesday.
"The doomsayers who predicted that this recovery was on the verge of faltering have been proved wrong, and like the boy who cried wolf, can be safely ignored by the market. Yet that is exactly what happened in 2006 with the U.S. consumer and housing boom, where the voices of caution had been so wrong, for so long."
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Edwards believes his "Ice Age" thesis - a series of economic cycles that deteriorate in ever decreasing circles - is nearing its final stages. With stocks and bond yields showing an inverse correlation, this recession would lead to an equity de-rating to even lower lows, he said.