The words ‘curve inversion’ and ‘US recession’ are all over the place again. Just try typing them into Google and see. While markets are right to worry about the future outlook, attention within markets sometimes tend to hype one event or the other. Europe is much closer to a recession than the US. At least that is what you can see from the last set of growth data. The US economy needs to tumble from above a 2% annual growth rate to zero, while Germany’s last quarter was already negative.