The economic soft landing that so many were looking for is still at play, according to many economists and the expectations of markets. Great if it happens, but it's unclear whether the Federal Reserve, in its oft mentioned role of "the chaperone who has ordered the punch bowl removed just when the party was really warming up," will agree to lay a bed of downy pillows or some hardened old oak planks as the runway.

Of late there has been encouraging news. The Consumer Price Index report for June was exceedingly good on the surface compared to the past year. Seasonally adjusted inflation was 0.2% in June and 3.0% year over year.

Also, consumer sentiment rose for the second straight month, soaring 13% above June and reaching its most favorable reading since September 2021, according to the University of Michigan's most recent consumer survey. "All components of the index improved considerably, led by a 19% surge in long-term business conditions and 16% increase in short-run business conditions. Overall, sentiment climbed for all demographic groups except for lower-income consumers." The university attributed the rise in sentiment to slowing inflation and increased labor market stability.