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Quarterly Market Review: Q3 2022 By: Paul Dickson, Director of Research and Mark Stevens, Chief Investment Officer How much are recession expectations already priced in? The third quarter of 2022 will be remembered as the turning point in the battle against inflation. Global central banks, led by the U.S. Federal Reserve, appeared to decide that risking a recession would be preferable to risking rising inflation, and the markets took heed. U.S. equity markets started the quarter by recovering from earlier declines. This recovery was quickly upended by the Fed’s unsettlingly sharp interest rate...