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I don’t always have access to the research of Credit Suisse global strategist Andrew Garthwaite and, given the unequivocal bearishness of his latest report, maybe that’s a good thing. His most recent report is about as bearish as it gets for a prominent strategist., Mr. Garthwaite began by warning clients against buying economically sensitive stocks. He argued that valuations in these sectors imply excessive optimism – requiring a global manufacturing PMI level of 60 .
Mr. Garthwaite sees numerous red flags for the world’s largest economy. The U.S. yield curve is extremely inverted . The last time it was this inverted and a recession did not occur was 1964, a long time ago.
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