The US market looks expensive at the top end, but bearish recession calls have been wrong for years - Paul Samuelson called this out in 1966.
Valuations and the economy are not the same thing. You can think markets are pricey without forecasting a recession.
UK gilts above 5% have ended the "no alternative" era for cash and short-duration bonds, changing how to harden a portfolio.
The biggest risk for most UK savers is not the next recession but their own reaction to it.
