So, the set-up is there for 2026 to be a big year. And there’s evidence that investors are already positioning for a business cycle expansion... As shown by the coincident business cycle (white). But the most important thing to watch is probably the 10yr-2yr spread (red). If this steepens further in the first half of 2026, it could be game on for risk assets. But if it flops over and starts falling, this could kill the cycle.