The stock market has had a challenging year due to macroeconomic and geopolitical headwinds. Inflation is near multi-decade high levels, and the job market has been tight. The Federal Reserve has maintained a hawkish stance so far to control the runaway inflation.
Earlier this month, the Fed announced its fourth consecutive 75-basis-point rate hike to achieve its long-term inflation target. Although the recent jobs data released by the Labor Department revealed that unemployment rose marginally to 3.7% last month from 3.5% in September, it is finally showing initial signs of cooling down.
