‘The Recession That Refused To Realize’

Over the last several days, the US economy once again demonstrated a remarkable capacity to defy calls for an imminent recession. The week began with renewed slowdown banter coming off a series of hawkish escalations+ (and re-escalations) from central banks, but no sooner had "hard landing" made it back into the headlines than a barrage of hot data out of the world's largest economy put the slowdown narrative on ice yet again. US home prices are rising month after month (even as the comparison