Nothing about our current situation is normal. Inflation is absurdly low for this stage in the economic cycle while unemployment is also at record lows, not only in the US, but in the entire devolved world. Fed has paused rate hikes for the entire year as of now which has preceded past recessions by anywhere from 1 month to a year, not sure about specific range.

The amount of sovereign debt with negative yields is surging this year, approaching levels seen in early 2016. German 10 year yield is at fucking 0. Pretty clear that shit is out of wack right now, definitely not "business as usual."

10 year treasury yield is stagnate even with a massive rally in equities. This is very unsettling, in a healthy bull market you should expect them to be rise during a bull run in equities.