Albert Edwards, a French investment bank strategist, has found an economic anomaly that is helping many US firms evade the Federal Reserve’s wrath and avert a recession.

Edwards argues that not just “Greedflation” has boosted US profit margins and delayed the recession, but interest rates are no longer effective.

He explains that historically, corporate loan interest payments climb with interest rates, but net interest payments have declined over the past year.

Edwards’ “maddest macro chart” shows the broken relationship between interest rates and corporate interest payments, with corporate net interest payments plummeting 25% year-over-year.