And the implication is to not watch for a recession, but for a bubble

RBC argues (this in a nutshell):

  • 10-year Treasury yield is now a reflection of the global savings glut, & negative yields seen globally
  • This is fuelling economic growth at depressed rates of interest, leading to asset inflation, and so …. "We are, more than any other point this cycle, on bubble watch."

RBC reckon forget the doom and gloom recession talk.

Huh … an interesting take.