Effective Date:  November 15, 2022

MARKET UPDATE SUMMARY

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Markets continue trading almost entirely on inflation data, monetary policy expectations, and Federal Reserve Bank actions. Earlier in November, the FOMC formerly communicated the possibility of slowing interest rate hikes at the upcoming December meeting so they can assess the impact of previous actions. When inflation data (CPI) showed substantial improvement last Thursday, the markets rallied with the S&P 500 gaining 5.2% and bonds gaining 2% in one day. We expect markets to remain focused on inflation, monetary policy expectations, and Federal Reserve Bank actions over the next several months. Improvements in inflation or future monetary policy actions will most likely lead to further market gains. A big risk to finishing 2022 on a positive note is if inflation unexpectedly increases again next month. 

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