Opening Keynote Presentation

"Life in a Steady State"

With the economy back near full employment, where do we go from here? Chatter about recession, the latest version reflecting worriers about tariffs and trade tensions, are misplaced. The typical triggers for recession, building inflation pressures and speculative excesses, are notably absent. But the transition from economic recovery to sustained growth will be associated with slower growth. The best description of where we are in the rhythm of an economic cycle is analogous to the 10th inning of the third game of last year’s World Series that went 18 innings.

James E. Glassman