I think we are in a technical recession, but based on what we are seeing, I think it’s a supply side induced recession stemming from Covid caused supply suppression. E.g. oil and gas is a great example: lots of supply was capped in 2020, and we have ESG concerns on top, so the O&G are just going after profits by keeping supply suppressed. Consumer demand is/was there; lots of money chasing goods. So the Fed is killing demand to meet the reduced supply. But employment is strong… for now. I think we end up in a Stagflation environment. Slowed economy, low growth, higher inflation.