The market is valued at 19.7x the 2024 earnings estimate of $243, which is at the outer bounds of the last 10 years when interest rates were much lower (adjusted for the negative impact of Covid on depressing earnings, which inflated the P/E). The $243 in earnings or 11% growth is discounted into the market valuations. The inflation report last week does not allow the Federal Reserve to cut rates in March, in our opinion, and 6 cuts in interest rates this year (this is what is expected by the market) or 1.5% is nonsensical, unless the economy falls into a recession.