Slowdown, not throwdown

Question: What are the odds of a U.S. recession in 2023?

Deborah Cunningham: Our expectation is that the Fed has a current pretty tight grip on what they're doing from a policy perspective and fighting inflation, which was thought to be transitory not all that long ago, yet turned out to be sticky, is going to be their conviction going forward. That means they may overshoot. That means more of a likelihood of recession. But in either case, we're not talking about something that we think, at least in our minds, is likely to be a severe downturn, but rather something that is more moderate and potentially akin to what would just basically be a slower growth environment than what we've been used to experiencing over the course of the last decade.