Economic Resiliency

2023 was supposed to be the most telegraphed economic recession in memory. To be sure, things have definitely been slowing. That's been evident throughout retail and manufacturing. People are buying less stuff. Commodity prices, from Oil to Steel to Copper, fell to multi-month lows. It's a sign of shrinking demand. Those segments of the Economy have been weak. It's also deflationary. But not everything has been weak. Travel and entertainment are as strong as ever. It's been hard for companies in those industries to find workers. TSA just recorded airport traffic over the Memorial Day weekend that eclipsed the 2019 record, pre-Covid. The American people are out and about, and they're definitely consuming. The recession keeps getting pushed out. The Market likes that.