. While investors are fearful that more rate hikes will put the three-year long economic expansion in jeopardy, recent economic data suggests that the economy could take a bit more tightening.
Monetary policy has a lagging effect, Porter noted, adding that households still have plenty of savings they've used to satisfy their pent-up demand for travel and other in-person activities. "Despite a solid start to the year, we continue to look for a mild slump this year due to tighter financial conditions, as reflected in the sharply inverted yield curve and a lengthy decline in leading indicators," Porter wrote.
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