Good morning and welcome to the Weekender for Saturday, December 10, 2022. With earnings for the third-quarter largely in the rear view mirror, US equity markets spent the week digesting current economic data and reading tea leaves to get a grip on possible economic scenarios for 2023. A week ago, Jerome Powell provided some relief for financial markets by suggesting that future rate increases could be milder than the seventy-five basis point trends, which by historical standards were aggressive. Economic data released over the past week gave support to an alternate narrative, that the economy remains strong and inflation hotter than predicted, which may prompt the Federal Reserve to keep rates higher for longer.
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