Henrik Zeberg: Why Bonds May Be Too Cheap

The global economy is currently in the late stage of the business cycle, characterized by unsustainable market valuations and a deteriorating real economy. Macrostrategist Henrik Zeberg argues that despite headline job figures, the labor market is effectively at a standstill, and the median consumer lacks the savings to support continued inflationary pressure. This disconnect between surface-level optimism and underlying structural weakness—particularly in the AI-driven tech sector—mirrors the conditions preceding the 2000 dot-com crash. While speculative assets may see short-term gains, the inevitable bursting of these bubbles will likely trigger a liquidity crisis, driving a massive surge in demand for the U.S. dollar as a safe haven. Consequently, the current market environment is highly unstable, and a sharp, rapid correction is expected as the economy transitions into a recessionary phase.