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Inflation less of a "blackhole of pain" and Fed sees that = why risk assets YE rally could exceed June +23 days/+16% meaningfully.

Inflation is becoming less of a "blackhole of pain" and Fed sees that

In the past week, risk assets staged one of the best gains in 2022. Over that same time frame, there was little "hard" economic data and 3Q2022 earnings season has been largely uneventful (74% beating). But there was far meaningful change in Fed commentary and a far more favorable set-up for risk assets upon investor positioning. It is for these reasons we see risk-assets having the potential to gain more than many skeptics...

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