The US is at real risk of recession – and it’s a disaster for Kamala Harris

Experts describing the world’s largest economy have in recent years opted for two words: “remarkably resilient”.

Even as interest rates soared to a 23-year high, American businesses continued to hire, consumers to spend and the economy to grow while defying economic gravity.

But in days the feelgood factor has evaporated, prompting traders to ask: is the party over?

Global stock markets are in free fall, the Wall Street fear gauge has hit a four-year high and money markets are betting the Fed will launch an emergency rate cut.