The Great Unwind (Second of a Series)

News reached us last week of the demise of the Choco Taco. Or not. Cousin to the Klondike Bar, this chocolate-nut-waffle-taco-vanilla-fudge-ice-cream novelty seemed to be yet another victim of supply-chain issues when its manufacturer announced it was being discontinued.

Choco-Taco’s creator chalked it up to the times. “I believe if there had never been Covid and never been the war in Ukraine,” Alan Drazen told the WSJ, “the Choco Taco would be rolling along.” Fans of the triple treat flooded social media demanding its reinstatement. The clamor prompted a “Stay tuned!” tweet from Klondike. Is it gone forever, or coming back?

Clarifying the status of a delicacy was much on our minds as market wags argued whether 2Q’s negative 0.9% – on top of 1Q’s negative 1.6% – constituted a recession. Notables (such as the current and past Fed chairs) were surprised if we were in such a downturn, given (among other things) the strength of the job market. What to call two straight modestly bad quarters?