This week in the podcast, wetake a look at the historical playbook around Fed tapering and hiking, and whatit means for our US equity market outlook. We’ve moved into the flattening campon multiples, as Fed rate hikes are historically a headwind for forward P/E’s.While we don’t think these trades are done playing out yet, we think Fedtapering and rate hikes, and the cooling off of economic growth that’s alreadyanticipated for 2023, put a potential expiration date on the rotation intoValue, Cyclicals, and Small Caps.