Where is the Action: The chart below is messy so to see it better please view the video. Following a significant tightening cycle, when the Fed stops raising rates, the market generally has a nice advance before entering a bear market, in this case it would be another bear market. We believe the majority of the post Fed pause market advance may have occurred prior to the Fed pausing, although the market did have a bear market in 2022, which is a little unusual.

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