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The Fed's Expectations for a Recession
The failure of three banks, the resulting sort of tightening of credit conditions, the pullback and lending, obviously that affects small businesses significantly. So we're only seeing the tip of the iceberg in terms of an impact on economic activity. That is likely to unfold as the year progresses. I'm hopeful that we can avoid a recession. If we do see a recession, I think it would be rather mild, andI think it would likely hit late in 2023.