Tug of War

  • One side has the Fed, its army of speakers & bearish investors; the other has falling US inflation & EU energy prices

  • The winner will determine the direction of risk assets in 2023; we expect stability ahead &see the USD as the main loser

  • BofA FMS notes investors are 2sdUW stocks & 2sdOW Cash; we expect 2022 bears to capitulate as headwinds > 2023 tailwind
November 18th, 2022
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