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Message? Recession is Nowhere in Sight.

The Fed indicates it will remove accommodation and raise interest rates more aggressively than previously suggested. The market had a challenging week as a result. But is the Fed taking this action just as inflationary pressures begin to ease?

At this juncture, neither are sufficient individually or in combination to threaten recession.

In short - 2022 should be a year of moderating trends, though still offering solid prospects for the economy and investment portfolios. Volatility might be uncomfortable.

No, I suspect it was Jerome Powell and the U.S. Federal Reserve that triggered much of the volatility - a "taper tantrum" if you will.

Its too early to make any declarative statements, but modest defensive measures were taken just in case.

The economy remains just fine thank you. But covid cases are rising, and Austria re-instituted a national lockdown. However, even if covid surges further into the holiday season, the good news is that economies have well-adapted to the challenge.

The collective reading of this week's three major economic indicators may have been the best I've seen in my career. Combined with phenomenal news from Pfizer on a new covid treatment, and markets have taken the cue to move to new highs.

Supply constraints are real, but corporations are adjusting reasonably well. Also, United Health Group was trimmed back after a strong surge in the share price toward RBC's target price.