New Delhi, Nov. 14 -- The global conversation about the U.S. economy often starts with scepticism. Are valuations stretched too far? Has the Federal Reserve's long phase of high interest rates finally caught up with growth? But beneath the noise of those questions lies a quieter story, one that's less about hype and more about habits that endure.

America's expansion hasn't stalled; it's simply shifted gears. The era of easy money is over, but the new phase feels sturdier. What's emerging now is a cycle powered not by liquidity, but by productivity, innovation, and business discipline. For investors who think in years instead of weeks, this change is important. The question isn't whether growth will cool, it's what comes after, and whethe...