This page shows the progression of the U.S. economic cycle based on the behaviour of key economic variables going back to the 1970s. Given that the U.S. consumers and U.S. corporates are still in relatively good shape, it looks like we are in mid cycle progressing towards late cycle. Base on the historical performance of asset classes during the different economic regimes, one can see that equities can still deliver positive returns on average even during late-cycle periods.