If the US is already in a recession then appears its having no...

If the US is already in a recession then appears its having no impact on china, rest of asia or europe, which all seem to be doing just fine, as do commodity markets for the most part.

If it is heading towards recession but not there then should expect fed to drop rates pretty quickly, which would have very positive effect for equities and housing. I suggest the fed is on top of the data and understands the hidden pitfalls in the various measures used.