Craig Drill Capital

Though long in the tooth, the US economic expansion -- now in its eighth year -- is not encountering the forces that presage the ending of a business cycle and the beginning of a bear market. Inflation is not problematic. The yield curve is not inverted. Market stress indicators are not spiking.

Central banks have reacted to the UK vote to exit the European Union, the most recent trigger of brief panic in markets, and tepid global growth with a series of forcible and coordinated actions, including further rate cuts, liquidity injections into the banking system, extended asset purchase programs, and, in the US, postponement of any interest rate increases.