WTFinance Blow Off Top Before Largest Crash Since 2008 with Henrik Zeberg
Jan 30, 2026
Henrik Zeberg, macroeconomist and Head Macro Economist at SwissBlock, offers a compact review of 2025 and why the business cycle stretches into 2026. He explains a K-shaped economy and labor strains. He covers dollar and energy moves, precious metals topping, a rotation into risk assets, and a looming blow-off top before a large market crash.
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Parabolic Blow-Off Top In Stocks
- Henrik Zeberg identifies a clear blow-off top in the stock market driven by a parabolic, month-on-month acceleration since October 2022.
- He expects the blow-off top to strengthen further before reversing, calling it a "sugar high" that marks the final rally phase.
2025 Was Late-Cycle Extension
- Henrik says 2025 showed economic slowdown signals in leading indicators, despite temporary strong monthly data early in the year.
- He views the economy as late-cycle and says the current rally can continue until real-economy indicators decisively roll over.
Leading Indicators Signal Downturn Ahead
- Henrik outlines business-cycle phases and warns housing and labor leading indicators are rolling over slowly due to post-2020 stimulus.
- He expects inflation to fall and says the Fed will need to cut rates once lagging indicators confirm the slowdown.
