Assorted yield curves have inverted, but our canary in the coal mine—The Conference Board Leading Economic Index® or LEI—is still singing. Risks to the global economic outlook from the war in Ukraine and tightening Fed policy, notwithstanding, our leading economic indicators continue to point to positive growth in the US over the next six to nine months. Importantly, the Leading Credit Index™, or LCI, a broad measure of credit conditions and a subcomponent of the leading index, does not portend a US recession.