What Do These Cycles Mean for Equity Markets?

We're well inside of a growth rate cycle down turn. During those periods, in the cue era, the post global financial crisis era, since o eight double digit market corrections are all associated with periods of slowing growth. And so i have a chart on page five ofthe chart deck that shows just s m p 500 against cyclical down turns in the growth rate of the economy. This is what we call us short leading index. It leads by a quarter or two over growth rate cycles and turning points. Ah. You see thegrowth rate cycle down turned shading has been developing for a while now. A pronounced, pervasive, persistent decline. That's about as clear as it can be.