Good morning and welcome to the Weekender for Saturday, December 3, 2022. It was another volatile week, reflecting expectations that the US Federal Reserve will soon moderate its aggressive interest rate posture. Not a new trade. In fact, it’s the fourth time this narrative has taken over financial markets since summer. But this time is different. In the past, softer rate expectations have been fomented by wishful thinking. This time, Jerome Powell, the Chair of the Federal Reserve, gave wishful thinkers the idea. Markets took the good news, tossed everything else, and traded higher.
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