SPECIAL: Zooming Out, 2022 was a year of “roundtrips.” Fed remains principal “risk” to markets, but we see reaction function changing as inflation continues to fall.

in Macro Strategy, SPECIAL

We publish on a 3-day a week schedule: – SKIP SUN EVE/MON AM <– New Years Holiday– SKIP MON– Tue eve / Wed am– SKIP WED– Thu eve / Fri am Our latest “Inflation Dashboard” has been updated and is attached. 2022 has been a year of “shocks” and “sudden changes.” Stubbornly high Inflation was an unexpected “shock” in 2022 …