Early cycle signal: debt growth ≈ income growth (debt/income stable). The distinguishing feature of the healthy phase is that credit funds productivity, not speculation. Monitor debt/income ratio stability as the key early-cycle health indicator.
Early cycle signal: debt growth ≈ income growth (debt/income stable). The distinguishing feature of the healthy phase is that credit funds productivity, not speculation. Monitor debt/income ratio stability as the key early-cycle health indicator.