Markets Are Late Cycle, Says Macro Hive's Hafeez

The video discusses the economic performance of 2019, highlighting strong stock and bond markets, stable inflation, and falling unemployment. Despite these positives, underlying issues like recession fears and trade wars are noted. The discussion shifts to 2020, where market optimism is tempered by potential macroeconomic risks, including labor market volatility and weak manufacturing. Investment trends and capital expenditure are analyzed, with a focus on structural economic changes. The video concludes with insights into the economic cycle, emphasizing potential liquidity crises as a key risk.

How has the trade war affected investment trends according to the text?

What does the speaker suggest about the current economic cycle?