Into Year End, It’s All About Policy Makers

IN THIS PUBLICATION:

• We’re in another leg down of the orderly bear market that has painfully characterized price action so far in 2022.
• The Fed’s doubling the pace of QT and the ECB is expected to step up its rate hiking schedule.
• Excessive support from the EU aimed at mitigating the impact of the energy crisis on consumers might be counterproductive.

Burner’s Update

It’s that time of the year when every analyst you know is likely reminding you that September has been, on average since 1928, the worst month for the S&P (why are analysts always so gloomy?). With so much going on and so many narratives sloshing the tides of markets in often contrasting directions, here’s what you need to be reminded of in case you’re just getting back to work after revealing your authentic self and untethering your real potential at Burning Man.