Claudia Sahm, a former Federal Reserve economist and creator of the "Sahm Rule" recession indicator, has warned that the U.S. economy is facing significant, quiet shifts that suggest it is breaking. She highlights that the post-pandemic labor market, combined with policy changes under the Trump administration, is creating a "low-hire, low-fire" environment that traditional indicators might miss.
This is a 1 February 2026 published video from host Adam Taggart talking with David Hay, founder & former CIO of Evergreen Gavekal, sees an even greater risk -- one that practically no one else is paying attention to. Right now, the "giant mindless robot" of passive capital flows appear to be the most important macro trend in keeping stock prices rising.
