The Perception of a Recession

Every major recession, you know, 2008 financial crisis, 2000, 89, 1980, all of them were preceded by major interest rate hiking. But those hiking always took a lag before it hit the economy. You're talking about an on average, a 10 month lag, 10 months from peak interest rates. And then when a recession hits, they're so consequential that they make all this trading, we're seeing day to day, look trivial.