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A recession may well bring rate cuts, which are usually bullish for equities, but if the economy is getting main difficulties and earnings continue to disappoint, stocks aren’t likely to outperform. Our earnings model was showing considerable risks to the bottom-up consensus, each in China and emerging markets. China was trading at virtually two typical deviations compared to the medium-term history. According to Andrew Sheets, exactly what the Fed will require to do to slow down inflationary pressures appears increasingly…