These 3 themes will decide stock market trajectory in 2023: Neelkanth Mishra, Credit Suisse

“The biggest theme is going to be the direction of the Fed funds rate. When we see the FOMC dot plots and look at the market implied Fed funds rate, it is aligned to the most dovish of the Fed fund forecasters. So clearly markets expect that the Fed will have to sort of downgrade its expectations of rate hikes and that there will be inflation outcomes. That would be the first major source of uncertainty. Second would be what happens to the Chinese economy.”