That is the question. For yours truly, the end result has always been stagflation and the US (and world) is definitely headed in that direction. But today's economic data seemed to forestall the recession talk for now and that has helped to drive the Comex metals backward...again.
Today's two datapoints were Retail Sales and the latest Capacity Utilization & Industrial Production numbers. Both came in stronger than expected and the prevailing "wisdom" is that this suggests that the US is not (yet) in a recession.