Inflation can be seen from ROC250 as being tamed nicely.  Oil now moves sideways with upward bias since Powell’s ‘neutral’ speech. Oct and Nov oil were down. +60% was too much in early July and October. Notice when oil comes off SPY can resume an uptrend (Jul-Sep).

Liquidity and oil uptrend return to the system in January.

Also treasury curve close to inversion so Fed has to stop or at most 1 more rise: