A bit of optimism seems to be in order for a sleepy summer Friday. So this somewhat Panglossian note from Morgan Stanley’s Manoj Pradhan seems to fit the bill. It points out that despite recent warnings flashed by financial markets (the last few days of stock action notwithstanding) –”stocks are down, oil is down, inflation expectations have moderated and bond yields are down” — a double-dip recession is far from obviously in the offing...