There’s a reason the old cliché about America sneezing still gets wheeled out: it holds up. A new note from UBS flags that recession risks in the United States are quietly ticking higher again, and while nothing’s broken yet, the cracks are starting to show. UBS tracks three main recession indicators: real-world data, credit conditions and the shape of the US yield curve. And all of them are moving in the same direction. Not alarmingly so, but enough to suggest the so-called “soft landing” might not be the ...