Recovery from the long economic downturn? We think it's almost here. Economic data has improved. Stock markets have anticipated the new mood as major United States indices plumbed record highs. This positive turn of events could last through 2020. The rebound will likely not be as strong (nor last as long) as those that followed the two other mini-recessions after the financial crisis. Late next year might be a good time to turn more cautious, as problems could surface in 2021.