The world has just moved from a decade plus zero interest rate environment, combined with massive multitrillion dollar pandemic QE and accompanying hyperinflation, into a rising interest rate environment.

The macroeconomic environment is more volatile now than any year in recent memory. It is objectively tough, and cherry picking random indicators which aren't core drivers of the economy doesn't prove terribly much.

I think you would have to go back to the 70s and 80s to find similar precedent. If you look into the origin of the Volcker rule, you'll see exactly the kind of messiness the world might be in for.