Morgan Stanley breaks down which markets provide the clearest hints of a downturn

Stephanie Keith/Getty Strategists at Morgan Stanley have put together a guide on which assets are most consistent with the final stages of a bull market. "Our current environment of rising inflation, strong data, tighter policy, flatter yield curves and more volatility is consistent with a late-cycle market," they said. The agreed definition of a bear market is a 20% decline from the most recent high. But it's not as straightforward to predict when a bear market is looming. Moreover, the bear ma...