From March of 2022 through December of 2022, the Fed raised the Fed Funds rate 4.25% (425 basis points). Much of that was a move from a very accommodative economic stance to a less accommodative posture, but as the Fed raised rates to the point where policy was restrictive for economic growth, the market started to sober up. Over the fourth quarter of 2022, some signs of inflation appeared to moderate, and naturally, the market thought that m..