'The Fed has no choice but to engineer a hard landing'

... because to slow inflation it has to get unemployment to like 5%.

You have to position for that eventual slowdown. - Priya Misra

What 's keeping the consumer going is accumulated savings, but at some point they'll come down.

Goods spending has already started to come down. We're watching services.

When service spending starts to come down I think the job market starts to come down as well, Misra said.