The U.S. economy is continuing to grow despite stubborn, though slowing, inflation and rising borrowing costs. With inflation still relatively far from its 2% target, the possibility of more interest rate hikes looms, but fears of an imminent recession have receded. The “soft landing” the Fed was aiming for is looking to be successful thus far, as consumer spending remains strong and unemployment is low, however the labor market is showing signs of cooling off a bit. Fears of an unstable banking industry still loom with three major banks failing in the past few months, new regulations being put into place in an attempt to prevent more failures, and the threat of a potential credit downgrade. Supply chain issues aren’t perfect but have improved and are expected to continue in this direction. Global tensions persist with the Russia-Ukraine war. Oil prices are at $82/barrel.