Pence Perspective Newsletter – Q2 2023


Bottom Line Up Front The combination of a historically accommodative Federal Reserve and a Federal Government with an incredible fiscal impulse has resulted in an economy that has proven immensely difficult to slow. At the beginning of this hiking cycle, few people – if any – thought the Federal Reserve would be able to push through 475 basis points of tightening in under a year and see little to no progress on slowing the economy. While we likely have not seen the full impact of tightening to date it’s becoming apparent that consumers used pandemic dislocations in policy [...]