Fed speak this week shows Fed see supply-chains and commodities behind inflation = progress there supportive of possibility of post-Dec "pause"

In our multiple conversations with investors this week, the main question is why should any investor expect equity prices to stage any meaningful gain from here, in the midst of a Fed tightening cycle and in the midst of great uncertainty around the Russia-Ukraine war, increasing stress in financial markets (UK issue tabled for now) and in the midst of massive gloom of CEOs and Americans and investors.

in a way, investors broadly only see one type of capitulation aheadthe stock market need...

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