VOO: Powell Is 'A Dreamer - And Not The Only One'

Dec. 15, 2022 8:45 AM ETVanguard S&P 500 ETF (VOO)28 Comments
Damir Tokic profile picture
Damir Tokic


  • The FOMC projects a 0.5% GDP growth in 2023.
  • Yet, the deeply inverted yield curve is signaling a recession in 2023.
  • Stock market is overvalued facing a recession, hoping for the Fed pivot.

Fed Reserve Chairman Jerome Powell Speaks At The "Conference On The International Roles Of The U.S. Dollar"

Kevin Dietsch/Getty Images News

Just imagine

The title is a reference to the John Lennon's Imagine "you can say I'm a dreamer, but I not the only one". It illustrates wishful thinking, hope and utopia.

So, try to imagine a world

FOMC 2023 Projections


Federal Funds Policy path


FOMC 2022 projections


Fed Projected Policy path


10y-2Y yield curve


10y-3m yield curve spread


This article was written by

Damir Tokic profile picture
Global-macro research. Proprietary trader. Holding a valid Series 3 license as a Commodity Trading Adviser, member of National Futures Association. Professor of Finance. Editor-in-Chief Journal of Corporate Accounting and Finance.

Disclosure: I/we have a beneficial short position in the shares of SPX either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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