An American recession is unlikely

The economic forecast calls for thunderstorms. But there are few financial clouds on America’s horizon.

The financial world has braced for a slowdown. The Fed has raised rates at breakneck speed and has stopped bond purchases. If a recession hits America, pundits reckon profits will tank, and stocks will fall by a third. But if they're wrong, markets will continue their rise, and the nay-sayers will have missed out. Is the economy more potent than most ex…