Why a not-so-swift decline in U.S. inflation would keep financial markets turbulent through 2023

Annual inflation rate of the consumer-price index fell to 7.1% in November from 7.7% in October. The Fed hiked its main policy rate again on Wednesday and penciled in borrowing costs of above 5% in 2023. “The market has been leaning against the Fed because it thinks the economy is slowing quite rapidly,” said Gennadiy Goldberg. . . .