There's definitely a recession, however it's hiding behind inflation and rising interest rates. The two trillion in reverse repos are why the recession is having a softer introduction than you may be used to seeing. Companies are both responding too and getting ahead of the equities crunch. The economy crashed and the recession started in full form in March of 2021. But reverse repos have allowed the fed to inject two trillion into equity markets behind the scenes and without the directed action that requires fund managers to rebalance.