Set Phase 2's to stun

I wouldn't want to be a Redshirt

Phase 1 is over. Phase 2 is just about to commence.

Phase 1 of an economic downturn is when interest rates have done their work in terms of impacting household budgets, i.e. taking away disposable income by means of higher debt-servicing costs. This can be seen in a variety of economic indicators, but is best observed in Purchasing Manager Indices (PMIs)…