Coming into 2023 and 2024, much of the talk on Bay and Wall Streets surrounded the potential for, and timing of, an upcoming recession. The general narrative for both years was that inflation and interest rates were too high and would suffocate consumer borrowing and spending, leading to a decline in growth. With the benefit of hindsight, we now know those pessimistic views were not correct as the global economy continued to expand at a healthy pace. A significant portion of this growth can be attributed to a buoyant U.S. economy supported by a resilient labour market that allowed for high levels of consumer spending.
