Locator: 44637ECON.
Updates
May 15, 2023: Liz Sonders -- too many charts -- here's one --
May 14, 2023: no inflation? Link here. Hard landing?
Original Post
What is the first thing you note on the chart below regarding "peaks" and "valleys"?
Hint: there are exceptions, but none significant, and all inconsequential in hindsight:
- 1917, but just barely; in hindsight, inconsequential
- 1926, just barely; in hindsight, inconsequential
- 1937, a better example; in hindsight, very inconsequential
- 1982, again, but just barely; and, again inconsequential
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