Economics: It is very much worth stressing, underlining, and reiterating how near miraculous the recovery from the plague, depression has been, and in remarkably good shape, the American economy is today. So why household depression? My view: asset prices have been a downer for asset holders, those looking to borrow are now saying “ulp!”, and inflation is much more salient and annoying than it is actually materially debilitating:

Barry Ritholtz: Monthly NFPs Are Rounding Errors <ritholtz.com/2023/12/rounding-errors>: ‘You may have missed the most important data point in today’s Employment report…. 5 million more people [are] working today than in January 2020, just before the pandemic struck. That is a significant number to recall whenever people posit we either are in, or just were in, or are about to tumble into a recession…