ab 15 September 2025 Global Research US Equity Strategy Simply U.S.A.: A step up in overheating probability Overheating probability inflecting higher as breadth widens Regime: PMIs are back to expansion territory The OECD CLI used in our REVS framework has moved back into expansion while the sector weighted PMIs for the S&P 500 remain resiliently expansionary. Tech sector PMIs fell slightly in August. Our market implied economic regime probability suggest markets are starting to price overheating, while it ...