This makes sense to me. We have had a post-Covid war slowdown in federal spending that is evidenced by the decelerating economy. But the federal

Worst of the shipping issues are behind us: Wholesale price growth is moderating as well: Core CPI growth also moderating: Headline CPI continues to grow,

The rate of growth has been decelerating due to the fiscal contraction, but remains over 50 which means positive growth: No recession here as employment

Decelerating from post-Covid bounce expansion rates of growth: Decelerating but still at reasonably high levels: Decelerating from the post-Covid war fiscal consolidation but still positive:

Settling in at pre-Covid levels, and the fiscal collapse depresses growth: Down, but still above 50: Still trending lower from the post-Covid fiscal collapse:

After a post-Covid recovery spike, we have settled back to pre-Covid levels, which was well before the rate hikes: Applications have softened. This is the

Manufacturing settling down to ‘neutral’ after peaking well before the rate hikes as post-Covid shortages are alleviated: Labor demand also peaked well before the rate

Growth overall remains sluggish as the economy becomes dependent on private sector credit expansion (private sector deficit spending) to offset the too tight post-Covid fiscal

The post-Covid fiscal deficit reduction continues to take its toll: Higher prices automatically result in a spike in tax receipts: Higher prices, now largely from

Leveling off at approximately pre-Covid levels. The growth rate slowed as deficit spending dropped: Still in expansion but it has come way down with the