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Editor's Note: Below is a chart and brief excerpt from today's Early Look written by Hedgeye macro analyst Darius Dale. Click here if you're interested in learning more and getting ahead of consensus.

CHART OF THE DAY: Early Innings of a #LateCycle Slowdown - Chart of the Day


"...With respect to the current economic and financial market cycle, our Macro Team’s most differentiated view remains that the U.S. economy is in the early innings of a #LateCycle Slowdown, which implies domestic economic growth has moved past peak and is likely to decelerate on a trending basis into an eventual recession – likely commencing in mid-to-late 2016. Our #EuropeSlowing theme – whereby our models are forecasting a sustained deceleration from cycle-peak rates of European economic growth toward a likely recession as early as 1H16 – continues to register as fairly non-consensus as well."