We think there are many similarities between all the Fed tightening cycles, of course they all are different in ways as well. But the patterns are similar. The market generally struggles as rates rise, then the market rallies after the Fed stops raising rates, and finally goes into a bear market, or another bear market, when the Fed must cut rates significantly when it reacts to a major negative economic issue or recession. We could go on and on about this, but these similarities of cycles, like this one, all have inverted yield curves.

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