1. Recession fears heighten - "For months the Global Fund Manager Survey had shown investors assigning a lower likelihood of recession, but all that changed in March when the perceived likelihood jumped to 42% from 24% in February”. 2. Consensus view is a technical recession by Q3 - When has the consensus ever been right. 3. JPM says “not us”. “Recent bank failures in the US have raised questions about the consequences for consumers. Our Chase consumer card transactions data (credit and debit) through March 19 do not show a meaningful impact on spending in the first week after the event.” 4. Used car values ... (full story)