This is CBS. I am the world. I'm John Batcher. The American economy. I welcome Elizabeth

Peake. Liz writes a column for the Hill. writes a column for Fox News. Much on Fox Business.

The American economy remains in the limbo between the paws of June and the promise of

some reaction to new numbers in July. This is the Federal Reserve. At the same time, we look

around for parts of the American economy that are sagging into recognizable recession

territory. Liz, a very good evening to you again. We have gone over these contradictions

for some time. It is comforting to know that other people have the same contradictions

we do. The job is market is strong. The residential story, the real estate prices for people

living in houses has sagged, but it looks to have stabilized in some fashion as the interest

rates rise. The commercial real estate is big unknown that is very threatening and manufacturing

is hesitating. Yet, where is the recession Liz? Is that a concern for Wall Street? This

announced recession that hasn't arrived. Good evening to you.

Good evening. It certainly is an overhang. Obviously, it hasn't held the stock market back.

We've had a very, very pronounced rally since the beginning of the year. With some sectors

hitting all time high. It is one of these times when Wall Street is more optimistic, I think,

than the general population. They're putting their money where their mouth is. It's a

hated rally. I don't think anyone is celebrating this rebound in the stock market. That's too

bad because that kind of leads into persistent, low consumer confidence. John, I think what

we have is a slowing economy. There's no question about that. We're going to be looking forward

to growth around 1% to the next several quarters at best. That is the inevitable outcome of

one of the most ambitious rate-hiking cycles in our country's history. That means something.

They've done it for a reason. The reason is they want to slow the economy. It hasn't slowed

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