The Rising Influence of Rising Affluence

[santafe2]

Agree. I think the economy has proven to be strong enough that shortages and interest rate hikes have not driven it to recession. As some parts of the economy are truly in recession others are moving forward. The wild card of course is the Fed. As long as PCE and CPI remain well above 2% they'll maintain their current stance. Even if they stop in the 5% range those rates may stay in place for 9-12 months.