It has surprised all of us that the economy has performed so strongly, but we think that the accumulated influence of higher rates both in the market and by the Fed will begin to take a little bit of starch out of the economy.
Frankly, I think that's healthy. Property has gotten so expensive, maybe people are getting a little bit of sticker shock.
Energy costs, which act as a tax on consumer budgets, are taking a smaller bite out of consumer pocketbooks. There is, therefore, more money available to spend on other (non-energy) things.