The Bond Market Sniffs Recession. Will The Economy Follow?

Asset pricing is often mysterious as a source of figuring out exactly what Mr. Market is discounting, but in the case of bonds these days there's no ambiguity about the crowd's outlook. Recession is effectively a forgone conclusion, the yield curve is predicting. But while the real economy has slowed, growth remains strong enough to dispute the market's forecast, at least for now. The question is when or if the hard data will align with market's dark expectations?