> Overall, the outlook for the overall economy has darkened. The Fed has raised interest rates five times this year and is set to do so again next week and in D

> Overall, the outlook for the overall economy has darkened. The Fed has raised interest rates five times this year and is set to do so again next week and in December. Chair Jerome Powell has warned that the Fed’s hikes will bring “pain” in the form of higher unemployment and possibly a recession. Those hinging important economic decisions on the "Powell Pivot" are going to have to wait longer. There's no way a pivot is happening into a combination of positive economic growth like this, strong jobs market, and sky-high CPI increases. There are maybe three factors that will cause a pivot: 1. Inflation falls to match the Fed funds rate 2. A rapid housing market decline starts to cause disruption throughout the rest of the economy. 3. The bond market starts choking.