While it may not always be possible to make sense of all this, the effort itself is generally worthwhile. Today, I want to touch on some of the main points of our latest outlook, and offer some reconciliation of recent financial market action with that view. Of course, there are always risks in trying to interpret what financial markets are saying.
Markets are not monolithic—their prices represent the average of a diverse distribution of views. Moreover, markets evolve over time. Still, we glean what we can from markets and use the information to cross-validate the signs we see in the economy. The economic outlook Let us discuss the economic outlook briefly.