Good morning and welcome to the Weekender for Saturday, November 5, 2022. US eq-uity markets shrunk last week after a strong performance the week before. This week’s focus was the US Federal Reserve. Markets were trading on the third revival of a view that the Fed is on the edge of softening its hawkish position. However, on November 2, Fed Chair, Jerome Powell gave the markets an ice bath. In his press-er, Powell renewed his hawkish narrative and suggested any pause or pivot in their staunch rate lifting was premature. Way premature. As he began to speak, US equity markets lost their composure and their hope in a proximate pause. An economic recession is all but certain.
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