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Market Recap – December 12, 2022

Keel Point

December 12, 2022

The big news this week is the November CPI inflation report tomorrow (December 13) and the Fed’s decision on additional interest rate increases on Wednesday (December 14).

  • We expect the November CPI to show a continuing decline in the rate of inflation, particularly in core goods, and some positive signs in services inflation declining as well.
  • That said we don’t expect the FOMC to declare victory over inflation, but instead believe Chair Powell will push back on any notion that the slower pace of rate increases reflects any “dovish pivot” in Fed policy.
  • The Fed’s quarterly Summary of Economic Projections (“SEP”) release on Wednesday likely will show the higher peak in Fed Funds rates which markets are pricing in. The SEP also may show a higher unemployment rate and lower forecast GDP growth.

The J.P. Morgan 2022 Long-Term Capital Markets Assumptions for asset class annual returns over the next 10-15 years show a notable increase over its 2021 forecast.

Source: J.P. Morgan Asset Management

 

Disclosure: Securities offered through Keel Point Capital, LLC, Member FINRA and SPIC. Brokerage and Investment advisory Services are offered under the Keel Point brand. Investment Advisory services offered by Keel Point, LLC an affiliate of Keel Point Capital, LLC. While reasonable efforts have been made to provide data from sources considered to be reliable, no guarantee of accuracy is given. Keel Point does not give tax, accounting, regulatory, or legal advice to its clients.

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