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Week-47-2022 Macro Review

US Equity markets ended the week a bit stronger, with NASDAQ closing higher by (NASDAQ⬆️0.7%) at $11.226 and S&P 500 higher by (S&P500⬆️1.5%) at $4.026. On the other hand, Ethereum outperformed equity markets and closed higher by (ETH⬆️4.6%) at $1.195, while Bitcoin ended the week higher by (BTC⬆️0.9%), closing at $16.444. The US equity markets kept their higher grounds as investors feel the Fed is becoming more dovish after the US CPI had indicated signs of retracing.

We forecast the inflation dropped further to 7.6%, with core CPI dropping to around 5.80% in November 2022. The last published US CPI for October 2022 stood 7.7% and the core CPI at 6.3%, compared to 8.20% and 6.64% in September. If the inflation continues to drop down, we will see an increased likelihood of a risk asset rebound. Therefore, the next CPI reading, released on December 13th, 2022, is going to be closely watched. The market sees the US Federal Bank will begin to ease hiking on its next policy meeting in December and it is expected the bank will raise the fund rates by only 0.50%. The 10Y US government bond yield closed at 3.73%, while the 2Y closed at 4.48% on Friday.

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