By Michael O’Neill (apologies to Clement C. Moore)
T’was just days before Christmas and in many a house,
There was no money for turkey, barely enough for a mouse.
Threadbare stockings were hung by the chimney with care,
In hopes St Nicholas soon would be there.
Children were nestled all snug in their beds
With visions of missiles raining down on their heads.
The shock of Putin’s ego rippled across every nation,
And consumers felt the pain in rising inflation.
For months Powell and Tiff ignored rising prices,
Then warning signs flashed red on all their devices.
They knew inflation was a problem from soaring CPI,
So, they hiked, and they hiked and boosted interest rates sky high.
Then late in the year, there arose such a clatter
Traders sprang from their desks to see what was the matter
It wasn’t Argentina footies cheering or French fans in tears
But rate hawks and doves giving each other the gears.
The Fed says interest rates are still going higher
Bond traders are telling the Fed “take a flyer.”
The yield curve is inverted and deeply so
Rate hikes in a recession are a “no no.”
Stock traders were in tears, the bull market was done
The bear market bounce was proving no fun
The Santa Claus rally was nowhere to be found
Prices were falling in markets all around
Faces were glum and many were sneering
Perhaps the Grinch had stole Christmas, people were fearing.
Then in the twinkling with snow swirling around
St Nicholas appeared he came in with a bound.
He was dressed all in fur from his head to his boot
And as to PETA’s complaints he gave not a hoot
He was chubby and plump, and with a twist of his head,
People started to smile; they had nothing to dread.
He spoke not a word but opened some charts
He drew some lines and some circles and even some hearts
His doodles and swirls had a positive effect
And raised people’s spirits as one would expect.
The message was simple, it was right for this year
The worst may be over, you have nothing to fear
Then he said as he turned and ran out of sight
Merry Christmas to all, and to all a good night.