Royal Caribbean Group chief executive Jason Liberty is not worried about the possibility of a recession, despite growing fears that one is on the way due to higher interest rates.

The US Federal Reserve raised them by 0.50% on Wednesday, prompting some economists to utter the “R” word as inflation remains high.

But Liberty refuted such a notion during Wednesday’s first-quarter earnings call with analysts, saying that consumers are more eager than ever to spend some money on cruising.