S&P 500 gave up not too far above the 3,965 level it could have kept as PPI decelerated not fast enough to meet market expectations. Rising yields mean markets are betting on more hawkish Fed action, even if necessarily not right in Dec or Jan – it‘s only 5% Fed funds rate that‘s priced in so far. Also, markets are thinking the Fed would be forced to start taking rates down in the 2H 2023, but such anticipation seems very premature even if the central bank goes with 50bp this week and 25bp in Jan only. Q3 2022 hedge fund letters, conferences and more Taking on the supply side drivers of inflat…

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