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.