Eoneren Secular Tailwind It seems to me that investment commentators are generally in two camps over the state of the economy and its impact on markets (and of course, there are all sorts of variations on these two). The first is that the U.S. risks a recession, the Fed is going to cut short-term rates, and long-term interest rates are going to decline. The second is that out of control government spending means there is not going to be a recession (anytime soon) and longer-term interest rates are going to ...