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David Rosenberg- The next recession has already arrived

The three-month trend in production of consumer durable goods has collapsed to a -15% annual rate – this takes out 2016 and takes us back to the late stages of the 2008-09 recession.

It might get worse with Inventories at record highs and Inventory/Sales ratio rising at the fastest pace since 2008.

Stock market is disconnected to the reality because of excess LIQUIDITY which can also be seen in the volatility collapse

The race to zero?

The race to zero?

So either the data improves or volatility rises. This will not continue for long

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