Last week, we had two important events in financial markets. First, we received Consumer Price Index (CPI) inflation data, from which we learned that inflation dropped more than expected from 7.7% in October to 7.1% in November. Second was the FOMC meeting, which revealed that the Fed remains hawkish and concerned about the level of inflation—because although the data is trending in the right direction, inflation is still far above the central bank’s 2% target. Previously we didn’t know how high inflation or interest rates would go. But as we close out 2022 and look ahead to the new year, a new narrative is emerging in financial markets. We’re likely moving to a less uncertain environment where inflation seems to have peaked and the Fed is beginning to slow down their rate hikes. This should help ease market volatility in 2023.
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