The Case for a Rolling Recession

Yardé Nays: We can definitely have a combination in terms of the economy, one that's not doing well and one that is. Service is important because it's 70% of consumption, right? So we are rooting for services. And so to your point, yeah, you could have manufacturing struggle and have the services part of the economy do well and keep us maybe not in a recession. That would lead people to believe that the worst is over there, but not in a continuing environment where rates go up.