The U.S. economy is past its fastest growth phase, but like a marathoner it still has plenty in reserve to continue the run. Until the Delta variant reared its ugly head it was thought that conditions would have returned to normal by now, setting the stage for a robust second-half sprint that carried momentum into 2022. The expansion still has legs, but instead of a sprint its pace is downshifting to a jog. The unwelcome revival of the fourth wave of Covid-19, spurred by the Delta variant, created a headwind that has taken some air out of the expansion. September 2021 Economic and Financial Digest

Don’t Rule Out A Soft Landing
In real estate, they say that location is everything. In economics, timing is paramount. With prices rising at a pace not seen since the early