Unless Fed moves "goal posts," equity markets increasingly playing different game (easing financial conditions). Tech leading "cancelled" buy the dip strategy. Base case still >20% rise in 2023.

Unless Fed moves "goal posts" on 2/1, equity markets starting to play a different game, focused on easing financial conditions. The "cancelled" buy the dip might be making a come back

The most important Fed meeting of 2023 will announce its rate decision on 2/1 at 2pm ET. The consensus pundits and media argue the Fed will be "hawkish" pushing back on the rise in stock prices, meaning they expect Powell to crush the equity rally YTD of >6%. But we think the market has shifted to a diffe...

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