S&P 500 P/E of 17.7x 2023 and 15.5x 2024 consensus earnings estimates -Earnings will likely come down another 10% for both years - GDP will contract this year and raises the risk of more earnings cuts • We now believe the Fed is about done or is forced to pause, you cannot continue to raise rates in the midst of a banking system crisis. The Federal Funds rate generally is similar to the 2-Year Treasury, FF rate is now 4.6%.

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