Interesting debates here. I think the main takeaway in my mind is that the state of the economy at any point in time isn’t homogeneous as oversimplified singular indicators would suggest it to be. Even since early in COVID times there was prediction of a “K-shaped” recovery, and while we are seeing increases in real earnings across all sectors (thus the bottom part of the “K” doing better than many had feared), it is nothing compared to what the winners in this whole deal have seen. The amount of pent up money is unreal and any sector of the economy that runs off of scarcity (luxury hotels, cars, watches, whatever) is going to be able to name its price for the foreseeable future.