Last week’s activity illustrated once again that the S&P 500 remains in the range of about 840 to 1000 where it has been for over a month, as signs of healing credit markets were offset by the incoming tide of weak economic data. It has been reported that investors are pricing in a recession resulting from the financial crisis, begging the questions: To what extent has the market priced in a recession? And if it has, how severe does the market expect the recession to be? What inflation outlook is priced into the stock market?

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