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US core inflation remains high

 The Fed won't stop raising interest rates until core inflation is heading towards, and close to, 2%.   Since inflation is a lagging indicator, i.e., it lags behind the business cycle, and although the US economy is slowing, it's still not declining, that implies that inflation won't peak for a few months yet.  This increases the risk of recession in 2023 and suggests that asset prices have further to fall.

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