While markets have seen sound gains year-to-date, with the S&P up more than 7% and the NASDAQ an even better 15%, plenty of indicators are sending out contrary signals. Inflation remains high, but there’s doubt that the Fed could keep boosting interest rates without sparking another banking crisis, and there’s real worry that the combination of high inflation, high rates, and an unstable banking sector may bring about a recession in the near term. Watching current conditions, billionaire hedge manager Paul Singer believes that the difficult macro environment will only present more and harder challenges going forward.