profits, which put more emphasis on smaller firms. Schulze notes that most US workers are employed by firms with fewer than 1,000 employees, and the average small-cap company has about four times that many.
Kim Catechis, the head of investment strategy for Legg Mason's Martin Currie equities business, says he thinks the situation is worse than it looks. The second key piece of evidence is that in August, long-term interest rates dipped below short-term rates. That yield-curve inversion has preceded the last seven US recessions — and while some experts think, Schulze warns that ignoring the yield curve's warnings and being wrong can be devastating.
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