Economist Henrik Zebreg has issued a warning that global markets may be entering a precarious late-stage cycle, driven by optimism and increased leverage. Zebreg highlights that while stock prices are rising, underlying fundamentals are weakening, suggesting that the current market rally is more a result of prolonged loose monetary policy rather than genuine economic strength. Zebreg points to the fear and greed index as evidence that investors are currently overlooking significant risks. He cautions that a sharp market reversal could occur if economic conditions deteriorate further, urging investors to remain vigilant.