Betting debt/deflation

The survey indicates that investors anticipate a 45 percent chance of a global recession in the coming 12 months, the highest since the survey began in 2014. Investors have also shifted their views on where bonds markets are headed next. The majority now expect short-term US bond yields to be lower in a year’s time — a reversal since March, when more than half were banking on higher yields. Expectations that longer-dated yields and record-low yields in Europe will rebound have all but disappeared. –Financial Times