Biden's soft landing

What they're saying: During an appearance at an Axios event this week, White House economic adviser Jared Bernstein referred at least six times to “stable, steady growth.”

• “There is a path to … transitioning from a really breakneck growth path to something that's more steady and stable and…very much inconsistent with recession," Bernstein said.
• President Biden debuted that line in a Wall Street Journal op-ed in May.

Between the lines: A slowing economy and a Federal Reserve that's hiking interest rates are raising concerns that the economy faces a hard landing after two years of post-pandemic breakneck growth.

• "Stable, steady" is something the White House is using to prepare the public for growth that lies somewhere between gangbusters and sluggish.

Zoom out: The labor market and consumer demand have demonstrated preternatural resilience in the face of clearly decelerating growth.

• But bond yields are flashing warning signs of a recession — even if Wall Street isn't certain how severe it will be.
• Volatile markets are one reason why Biden is looking to Wall Street for its next economic team hire, as Axios’ Hans Nichols reported last week.