Did you ever notice how sometimes we can be a master of the obvious? For example, when you are on a commercial flight and getting bounced around, do you really need the pilot to come on and say, “please buckle your seatbelt, we are experiencing turbulence?” In our 2022 outlook piece, we expected a turbulent year given that our macro indicators were where they should be at this point in the cycle, which means 1) monetary, health, policy, and global growth uncertainty should limit the upside, while 2) mid-year decelerating inflation expectations and easing supply-chain constraints, a stable credit backdrop, and positive economic and EPS growth should buffer the downside.

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