The Long and Variable Lags of the Economy

We haven't yet seen enough time to see the full effect of those rate hikes play through the economy. We think growth decelerates further into the second half of the year and just quickly how does this idea of a deceleration in earnings growth pair with a soft landing? The labor market is inherently talking about fewer job losses than you'd have in a recession well fewer job losses is great for workers but it might be more of a challenge for margins if the top line is slowing and costs aren't being pulled back in the same way.