The bond market is flashing a recession warning, but that’s no cause for alarm yet

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Out driving the other day, an orange warning light appeared on the dashboard. My first thought was not that the engine was about to burst into flames, nor did I abruptly pull over. I continued driving towards where I was going and then I drove home again. My calmness was due to the realisation that warning lights themselves are not a sign that something bad has happened – smoke from the engine would be in this case – but that something bad may happen.The bond market is the same. The global…

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Breaking news, analysis and opinion from the SCMP’s Hong Kong edition.

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