There are several ways to know that the second phase for the global recession has started. While there is never a clear demarcation between any stages or just recession, for that matter, there are telltale signs and we are getting them bigtime. Summer keeps showing up as full of warnings, including one that explains everything from the economy to central bankers' increasingly panicking reaction to it.

Eurodollar University's Money & Macro Analysis

Bloomberg ECB Can’t Ignore Headwinds to Economic Growth, Schnabel Says
https://www.bloomberg.com/news/articles/2024-10-02/ecb-can-t-ignore-headwinds-to-economic-growth-schnabel-says

Bloomberg ECB Momentum for an October Rate Cut Is Looking Unstoppable
https://www.bloomberg.com/news/articles/2024-10-02/ecb-momentum-for-an-october-rate-cut-is-looking-unstoppable

Bloomberg ECB Should Proceed Cautiously With Rate Cuts, Schnabel Warns
https://www.bloomberg.com/news/articles/2024-08-30/ecb-should-proceed-cautiously-with-rate-cuts-schnabel-warns

Nikkei Transcript: ECB board member Isabel Schnabel speaks with Nikkei
https://asia.nikkei.com/Editor-s-Picks/Interview/Transcript-ECB-board-member-Isabel-Schnabel-speaks-with-Nikkei

FT Lower borrowing costs risk ‘flare-up’ of inflation, warns ECB policymaker
https://www.ft.com/content/bdf3bb86-8a80-4bd5-b562-0c3c47f85f50

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Phase 2 of the Global Recession has Begun 19:46 Share

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Phase 2 of the Global Recession has Begun