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![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/12\/Markets-Dont-Believe-Fed-Bianco-12.16-JL.png\")
Data as of 12.16.2022<\/p>\n
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JL:<\/strong> Still hard to believe the insanity of the yield curve (and the Fed) just a year ago<\/em><\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n Dave:<\/strong> It goes well beyond the Fed; global central banks have even tougher inflation fights on their hands, and no dual mandates to consider employment<\/em><\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n JL:<\/strong> and even the Bank of Japan took a step in the direction of tightening<\/em><\/p>\n <\/p>\n \u00a0<\/em><\/p>\n <\/p>\n <\/p>\n JL:<\/strong> Recession expectations continue to grow<\/em><\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n Brad:<\/strong> but an earnings recession hasn\u2019t always coincided with market downturns<\/em><\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n Beckham:<\/strong> The performance dispersion between traditional growth and more cyclical industries is still wide on a secular basis<\/em><\/p>\n <\/p>\n \u00a0<\/em><\/p>\n <\/p>\n <\/p>\n JL:<\/strong> and we\u2019ve yet to see any shift in the market\u2019s largest companies<\/em><\/p>\n <\/p>\n <\/p>\n \u00a0<\/strong><\/p>\n \u00a0<\/strong><\/p>\n \u00a0<\/strong><\/p>\n \u00a0<\/strong><\/p>\n \u00a0<\/strong><\/p>\n <\/p>\n Past performance is not indicative of future results. This material is not financial advice or an offer to sell any product. The information contained herein should not be considered a recommendation to purchase or sell any particular security. Forward looking statements cannot be guaranteed.<\/em><\/p>\n Projections or other forward looking statements regarding future financial performance of markets are only predictions and actual events or results may differ materially.<\/em><\/p>\n This commentary offers generalized research, not personalized investment advice. It is for informational purposes only and does not constitute a complete description of our investment services or performance. Nothing in this commentary should be interpreted to state or imply that past results are an indication of future investment returns. All investments involve risk and unless otherwise stated, are not guaranteed. Be sure to consult with an investment & tax professional before implementing any investment strategy. Investing involves risk. Principal loss is possible.<\/em><\/p>\n The content and\/or when a page is marked \u201cAdvisor Use Only\u201d or \u201cFor Institutional Use\u201d, the content is only intended for financial advisors, consultants, or existing and prospective institutional investors of Aptus. These materials have not been written or approved for a retail audience or use in mind and should not be distributed to retail investors.\u00a0 Any distribution to retail investors by a registered investment adviser may violate the new Marketing Rule under the Investment Advisers Act.\u00a0 If you choose to utilize or cite material we recommend the citation, be presented in context, with similar footnotes in the material and appropriate sourcing to Aptus and\/or any other author or source references. This is notwithstanding any considerations or customizations with regards to your operations, based on your own compliance process, and compliance review with the marketing rule effective November 4, 2022.<\/em><\/p>\n Advisory services are offered through Aptus Capital Advisors, LLC, a Registered Investment Adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level or skill or training. More information about the advisor, its investment strategies and objectives, is included in the firm\u2019s Form ADV Part 2, which can be obtained, at no charge, by calling (251) 517-7198. Aptus Capital Advisors, LLC is headquartered in Fairhope, Alabama. ACA-2212-28.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Our team looks at a lot of research throughout each day. A few charts that caught our eye this week, and the way they fit the unfolding puzzle of evidence: JL: Markets are no longer buying the Fed\u2019s hawkish story Data as of 12.16.2022 JL: Still hard to believe the insanity […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","inline_featured_image":false,"footnotes":""},"categories":[20,194],"tags":[53,57,83,145,49],"class_list":["post-232863","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-cpi","tag-fed","tag-inflation","tag-recession","tag-yield-curve"],"yoast_head":"\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/12\/Yield-Curve-vs.-Year-End-BondBloxx-12.20-JL.png\")
Source: Bond Bloxx as of 12.20.2022<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/12\/Global-Hawks-PSC-12.16-Dave.png\")
Source: PSC as of 12.16.2022<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/12\/Bank-of-Japan-Bianco-12.21-JL.png\")
Data as of 12.21.2022<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/12\/Recession-Odds-Bberg-12.21-JL.png\")
Data as of 12.19.2022<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/12\/Falling-Earnings-Not-Always-Bad-for-Stocks-Strategas-12.16-Brad.png\")
Source: Strategas as of 12.16.2022<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/12\/Sector-Rotation-BofA-12.11-Beckham.png\")
<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/12\/Largest-Companies-Strategas-12.21-JL.png\")
Source: Strategas as of 12.19.2022<\/p>\nDisclosures<\/strong><\/h5>\n