Your Evening Briefing: Get Ready for a ‘Non-Recession Recession’

After a year in which Wall Street and its professional observers have said a US recession was coming, looming, pending, priced in and guaranteed, it still hasn’t happened. But if Team Recessionary can’t bring itself to buy that Fed Chair Jerome Powell can pull off a soft landing, they have another option. Call it the “non-recession recession.” That’s what Apollo Global Management Chief Executive Officer Marc Rowan labeled a circumstance where financial markets feel some pain while the underlying economy remains strong. Fixed income and equities markets have already adjusted, Rowan explained Tuesday at the Economic Club of New York. Other areas, including real assets, have yet to fully incorporate the effects of rising interest rates. “We have a ways to go in terms of the correction,” Rowan said. “We have a ways to go in terms of growth.” Here’s your markets wrap.

First Binance. Now Coinbase. The US Securities and Exchange Commission accused the latter Tuesday of running an illegal exchange, a move that could make it harder for the crypto industry to operate—and for Americans to trade all that funny money. In a 101-page lawsuit filed in Manhattan federal court, the regulator alleged Coinbase has spent years evading federal regulations by letting users trade crypto tokens that were actually unregistered securities.