As we mentioned last week, the most important factors for the market are inflation, Federal Reserve policy/recession risk, and geopolitical risk. 1) Inflation- we believe the rate of change of increases in inflation has likely peaked but will remain elevated until at least 2024, or should a severe recession occur prior to 2024. It will take a while to work off the massive money printing that occurred in 2020 and 2021. Inflation needs to moderate to 3% to 4% by 2024 and the market to believe it, or otherwise valuations for equities will continue to decline.