Top economist Steve Hanke says stocks look expensive – and a recession is 'right around the corner'

• Stocks look "pretty pricey" and a recession is "right around the corner," Steve Hanke told Insider.
• The Johns Hopkins professor expects an economic slump in the first half of next year.
• Hanke sees inflation cooling, 10-year Treasury yields falling, and house prices staying afloat.

Stocks look expensive and a recession is likely to strike next year, says Steve Hanke.

The dangers of holding stocks instead of government bonds are typically offset by their superior projected returns.