I should note that I was mistaken in an earlier post when I claimed that the yield curve inverted. The 5-year yield curve inverted a few months ago.
The 10-year yield curve inverted today.
This generally precedes a recession by 3 to 11 months.
Incidentially, the recession red light alarm went off on the stock market today. Though the drop just seems to be mostly people panicking over the red flag notice for something that apparently has an extremely good track record at predicting recessions.
I'm willing to bet that a no-deal Brexit crash through shockwave will accelerate the timeline for an incoming recession, though October 31st is pretty close to the 3 month mark anyway. Probably the biggest danger at this point is the stock market version of a tantrum spiral.
If it does happen in that time frame, the silver lining is that Trump will get the blame for it. And, honestly, the blame is probably deserved at this point given the whole tariff debacle. Will it matter for elections? That's the $64,000 question.
I'm curious what he will say or do in reaction. I doubt he fully understands it (I don't, really), so any response is likely to be only tangentially related at best.
If his adminstration handles it badly, they'll definetly get the blame for that. I seriously doubt that you'd be able to pin the cause of a recession on any particular President since it's only one of so many factors, it's the handling of it that generally gets them. Though if they did something that exacerbates it, like say, continuing a trade war in the middle of a recession (talk about between a rock and a hard place (okay, another rock) for Trump), they'll get hit over that for sure.