Unprecedented amounts of handouts, and zero interest rates. Europe is only just getting back up to 0 interest.

Push-pull - policies to pull demand (all over the world. Not just in the US and mostly in the prior admin, so there doesn’t have to be political finger pointing) collided with circumstances disrupting supply chains in unprecedented ways in the global, just-in-time economic era.

As supply chain snarls unravel, monetary policy is really only ending the era of cheap money to push down demand while supply continues to catch up. Most talking heads don’t like the technicals - they seem to see core inflation numbers going back up towards fall, and everyone thinks oil and gas are going back up. I’ve seen some really dire predictions that I hope don’t come true - like $200/bbl by next year, with a really strong dollar.

Basically, there’s more pain to come. I could care less what the economist club decides to call this. If not now, I think they’ll be calling a recession shortly. It is what it is whatever they call it, and I believe demand still has to be muted further. More pain to come.