Setting Expectations
In October’s Market Minute, we wrote, “Fed Chairman Jerome Powell was very clear in his September 21st press conference when he said “First,  we’ll want to see growth continuing to run below trend […] We think of trend as being about 1.8% or in that range.” And in December we  started the Market Minute with “For the three calendar years ending in 2021, the price appreciation of the S&P 500 Index was 90%.”

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