Assessing Bear Market, Recession Odds 
        
        
     
    
 
    
    
    
    
    Fed Policy: Long and Variable Lags In early June , we examined the performance of stocks relative to bonds to see what we could learn about the soft versus hard landing question. At that time, the stock/bond ratio was siding with the soft-landing scenario, which thus far has been the case. Since
    
        
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