Life in the Slow Lane: Ambiguity Abounds

23 Feb 2026

by Noah Weisberger, Chief US Equity Strategist Henry Tang, Research Analyst

The US economy is in the Slowdown phase of the business cycle, according to our measure of aggregate US economic activity; growth remains positive but acceleration is negative. Historically, this phase more often resolves in reacceleration than recession. Recent market price action, from the index, to sectors, to relative industry performance, broadly reflects typical Slowdown phase dynamics.

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BCA Research | US Equity Strategy

The US Equity Strategy, led by Noah Weisberger, advises investors on how macro regimes, fundamentals, and market dynamics shape risk and opportunity across US equities.