This has been a wild cycle that has challenged all conventional assessments. Unprecedented vs the lens of history. Having several of these factors occur simultaneously in eras past would have signaled clear economic weakness. And they will surely matter on a long enough time, but not today. Fed hiking to 5.5% after a decade of ZIRP. Recession! Nope. ISM Manufacturing below 50 for multiple years. Recession! Nope. Housing sales and mortgage creation near historic lows for multiple years. Recession! Nope. Consumer confidence and expectations in the dumps. Recession! Nope. Leading economic indicators below zero for multiple years. Recession! Nope. Yield curve steepening out of inversion. Recession! Nope.