The S&P 500 Will Go Up 10%

I wouldn't be surprised if we get another run of inflation. I think Jerome Powell will continue to do rate hikes until it gets down. And the result of doing more rate hikes to get inflation under control than they expect, I think we'll push the market down. We've seen valuations come in as rates have gone up and institutional investors are selling off stocks. But I don't know if we've seen all that much of consumer debt going up and forcing consumers to slow down their spending. So I think next year we're going to see a little bit more of the real economic impact of the interest rate increases.