Do You Think We're in a Recession?

The data we got last month, it wasn't that people changed their minds about how the Fed would react. It was just a series of data points that made it clear that higher rates were going to be needed. The more the economy does rally, the more there will be no choice but to squelch it. Is it conceivable that it's such a mild recession we eventually get? We don't really think of it as a recession. I still find it very hard to see that happening.