“I’ve been very bearish on the economy. I thought there would be a recession in 2019. The only reason I revised my thinking was that the (Federal Reserve) paused raising rates,” said Mayra Rodriguez Valladares, managing principal of MRV Associates, a New York-based capital markets and financial regulatory consulting and training firm. “I know when rates tick up again, companies won’t be able to pay all of their debt. The biggest concern is the debt level.”

“You can hide your loans when there’s a good economy,” Rodriguez Valladares said. “But dirt always comes out in a recession.”