Nordea's Ed Cowart on the changing economic landscape

'Depression-like state'

On the ninth anniversary of the current economic expansion, some investors have expressed concern a recession is likely soon - as the expansionary period has already lasted more than twice as long as historical averages.

We do not share this concern. There is a natural tendency toward growth in the US economy. Expansions do not die of old age, but because of policy actions or major exogenous events. We believe current policies, particularly fiscal and regulatory, are supportive of continued growth. BoE faces further pressure to hike rates after ONS error Another way to think about the current landscape is we are just a couple of years into a 'normal' environment. The period from 2008 until just recently was depression-like in many ways: slow growth, stagnant incomes, deflationary tendencies a...