he bottom line, at least to Morgan Stanley, is that “it is very hard to argue mid cycle from the real data we are seeing, the fact that the unemployment rate is well below NAIRU, and profit margins and growth are outright declining on a y/y basis for the majority of companies, both public and private.”
https://www.zerohedge.com/news/2019-08-25/we-are-not-mid-cycle-or-even-late-cycle-rather-end-cycle
