Last week, the debt ceiling drama finally came to an end with a deal that appeared to satisfy no one.

We keep getting closer and closer to hitting the debt limit without a workable resolution. So, what can happen? There are several scenarios that could play out here…

The debt ceiling debate is a political brinkmanship that has the potential to cause significant economic damage if the government defaults on its debt. However, both parties have signaled that they are committed to reaching a deal, and markets have calmed somewhat as a result.

Everyone seems to believe we are on the brink of a recession, and the debate is about when it will start, how long it will last, and how severe it will be. Anyone who works in any sort of forecasting knows these three pieces of information are vital to formulating a forecast, and right now, we don’t have answers to any of these questions.

Last week was up and down as the markets focused on a shred of positive comments from Federal Reserve Vice Chair Lael Brainard on Wednesday. Although she affirmed the Fed’s commitment to lowering inflation, she said at some point the risks between raising rates and damaging the economy would balance out.

The U.S. economy contracted by 0.9% in the second quarter – putting us into the traditional definition of a recession. How long will it last? Get our thoughts on what the data is saying.