The Fed’s future path will be divided into three phases:

1 (December meeting): Slow down the pace of interest rate hikes to 50 basis points;

2 (first half of next year): Multiple small interest rate hikes, raising the peak interest rate to above 5%;

Three (second half of next year): As long as inflation eases and the pressure of economic recession is revealed, the discussion around interest rate cuts will be completely put on the table...

After the Fed's "short dove and long hawk" policy, the more distant future may be dominated by the "long dove" after all.​​​