S&P 500 continued reversing the Powell fears after the Swedish nothingburger with barely a consolidation. The consensus is for a very low CPI figure, quite well even undershooting the 6.5% mark. I‘m a bit more wary, and thinking 6.6 – 6.7% is more appropriate, and that the core figure would prove particularly sticky. Enough for the Fed to be unforfortable too, and definitely not give up hiking before Fed funds rate makes it to my (at the moment both realistic and conservative assessment of) 5.50% level – level which the Fed may over time find as not restrictive enough. Q4 2022 hedge fund lette…

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