Last week was a big one. On Tuesday, we got a CPI report that came in substantially cooler than expected. Then on Wednesday, the Fed hiked 50 basis points, which was a step down from the series of 75 basis point hikes that we had been getting at recent meetings. So where do things stand now? When will we get a proper pivot? When will the Fed feel confident that inflation has been defeated. We spoke with two macro guests: Jon Turek, founder of JST Advisors and author of the Cheap Convexity Blog, as well as Tim Duy, Chief US Economist at SGH Macro as well as a Professor of Practice in economics at the University or Oregon. They gave as their readings on inflation, the Fed, and what to watch at the start of 2023.