EDITORIAL: IMF (International Monetary Fund) chief Kristalina Georgieva's warning about a 'dangerous new normal', worrying about risks of a worldwide recession, came before the US labour department reported a drop in the unemployment rate to 3.5 percent, lower than expectations of 3.7 percent, and a rise in nonfarm payrolls by 263,000 jobs, more than the expected figure of 250,000. All this explains why equities, which began the week pleasantly enough on hopes of a possible Fed pivot, took a nosedive at the end of it, Treasury yields rose, and the dollar strengthened as the market begins to price in a fourth consecutive 75 basis points rise in the interest rate; which is sure to push the world's largest economy into recession in a few months.

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