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On Thursday, the Bureau of Economic Analysis reported that the U.S. economy contracted for

the second quarter in a row which meets the classic definition of a recession.

On Wednesday, the Federal Reserve hiked interest rates by three quarters of a percent.

Ron, which one is the bigger deal for investors?

Well, Chris, thanks for asking.

The markets, I think, reacted very favorably to the rate hike.

And especially the comments by Fed Chairman Powell that there will come a point when the Fed

needs to slow the pace of increases.

I think that's a rather obvious statement, but still the market likes to hear it.

He said on Wednesday he does not believe the U.S. economy is in a recession.

Fast forward 18 hours, Chris.

And as you correctly pointed out, data came in that the U.S. economy did shrink for the

second quarter in a row.

And as you pointed out, common definition.

But it's really the national bureau of economic research that decides if a recession has occurred

and they take into account a number of factors and actually they won't decide that for

quite a while.

So we don't actually know for sure, but it is semantics, in my opinion, because we do

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