This week in the podcast, we review our latest thoughts on the broader US equity market outlook. The big things you need to know: First, last week we moved our 2022 S&P 500 target up by ~3% to 5,050 from 4,900, adjusting our forecast for the bigger than expected move we’ve seen in the index as 2021 starts to wind down and the latest updates in our models. We continue to see 2022 as a solid year for the US equity market, but with more moderate gains than we’ve experienced in 2021. Second, we highlight how inflation has helped prop up US equity positioning, making it tough to be too bearish on US equities in the wake of last week’s higher than expected CPI print. Third, we discuss the breakout that Small Caps are attempting in November, and reiterate our view that Small Caps and Value are likely to see another burst of out performance between now and mid 2022.