Peering into 2023: A bear market roadmap

In the wake of the November FOMC meeting, Fed Chair Jerome Powell summarized Fed policy very clearly with two statements: "We will stay the course until the job is done". He added, "It is very premature to think about pausing (rate hikes)". 

It was a hawkish message, though Fed Funds expectations were largely unchanged after the meeting and press conference.

Stock prices reacted by skidding badly. The S&P 500 ended the day -2.5%. The Fed has made it clear that it wants to tighten monetary conditions by engineering an equity bear market. How far can the bear market run? Here is a roadmap.

The full post can be found here.