Nice curtain closer by the great John Cassidy (though the New Yorker’s insistence on writing out big numbers vs…um…numerals is cray-cray).

--is revenues. To be clear, spending cuts *are* part of the solution. But we definitely have a revs problem. More to come on that... (Data note: see appendix tbl 4 if you want to see spending including interest; same pattern.)

These are the numbers behind the "they've got fewer degrees of freedom to play around with potentially inflationary policies" point. Of course, trajectories matter a lot in this context, and there's clearly (bumpy) disinflation; but not so re yields.

Exit interview!

So, misleading to conclude our econ team didn’t get listened to, which I’ll grant you doesn’t mean we prevailed enough, but that’s life.

@ernietedeschi Low ICs=low layoffs; mild + trend in CCs=slower hiring rate.

As always, seasonally adjusted greetings from CEA and here's hoping we can build on all this economic progress in the new year!!