The Fed's Expectations for Q1 S&P Earnings

S&P 500 trading about 17 times expected 2023 earnings, which is not that far below the average over the last five years. Valuations are likely to matter again, especially if we find rates kind of settle at a higher level than some people might expect. The big thing is what is the Fed going to do this year? And ultimately, people in January were assuming that the Fed was going to ease because inflation was coming down.