The market is certainly saying that it looked good.

  • Labor force participation has come back more than we would have expected
  • Commercial real estate remains an area of concern
  • There are a lot of real pessimistic people that are spending a lot of money, that's a puzzle
  • Consumer sentiment data relationship to spending is 'utterly broken'
  • Inflation is a very real pain

I've been saying for years that consumer sentiment data is broken.