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The Bank of Japan is expected to raise interest rates next year, marking the end of an era. Investors will need to adjust to higher rates across the curve, leading to wider spreads during a recession. The global economy is likely heading towards a recession, with signs of a rolling recession or a forthcoming one. Bloomberg Surveillance discusses this with Tom Keene, Jonathan Ferro, and Lisa Abramowicz, touching on company earnings and the future path for Japan. FedEx, Nike, and IBEX are among the companies discussed.