2 ways of thinking about this chart of stocks and recessions 📈

Plus a review of the macro crosscurrents 🔀

This annotated long-term chart of the S&P 500 comes from Deutsche Bank. Recessions are shaded in gray.

Jim Reid, macro strategist at the bank, wrote that “historically the S&P 500 normally always only bottoms in a recession and usually not until mid-way through.”

Reid and his colleagues expect the U.S. economy to enter a recession in 2023. As such, they a…