- Stocks make new yearly lows as S&P 500 closes the week down 23% / NASDAQ down 31% in 2022

- Powell delivers hawkish speech with 75 bps interest rate hike, projects pain for labor market and the economy

- Businesses are still experiencing cost pressures that they will pass on to customers in 2023

- Interest rates will derail the housing and stock market, but not inflation

- Mortgage rates have only just started their rapid rise, a substantial housing market correction is imminent

- Stocks are still way too expensive historically and are headed much lower in coming months

- Bulls throw in the towel and reduce S&P 500 price targets, but still remain clueless on market risks