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The big rate hike: This week marks the last major central bank decisions for 2022, a year with the most aggressive interest-rate hikes in four decades. On Wednesday, the Fed is expected to lift rates by 50 basis points while the European Central Bank and the U.K.’s Bank of England are set to follow with similar moves a day later.  

But the fight against inflation isn’t over yet, even if CPI data due Tuesday shows a moderation. Fed Chair Jerome Powell will likely once again try to dash market hopes of a rapid easing next year and he may have history on his side, write Craig Torres and Liz Capo McCormick. 

The big market thought: When is a bear market not just a bear market? For some investors, the slump in high-flying tech stocks this year represents the end of the dominance of FAANG. What’s more, market leaders of one era almost never dominate the next one, Kit Rees writes. 

The big hearing: After over a week of “will he, won’t he,” it looks like Sam Bankman-Fried will indeed (virtually) attend the House Financial Services Committee’s hearing on the collapse of his crypto empire on Tuesday. Don’t hold your breath for any major revelations — the FTX founder has warned “there is a limit” to what he can say. That’s probably wise, given US prosecutors are laying the groundwork for a potential fraud case against him. 

The big deadline: The clock is ticking for Congress to pass a government funding package that will avert shutdown by Friday. Democrats intend to release a bill Monday that they think could pass both chambers, but the two parties remain about $26 billion apart, with just days to go. 

The big opinion: According to Brooke Sample, there are three types of people in the world right now: those who were sick with the flu this season, those who are sick with it right now and those who are dreading getting sick with it. The multitude of viral threats are ravaging populations and wreaking havoc on health-care systems, prompting New York City to once again urge residents to mask up.  

ICYM our Big Take: Who has $300 billion and is the world’s richest family? Hint: it isn’t the Waltons of Walmart fame. 

And finally, for a really “outrageous” predictions, listen to the podcast of Saxo Bank’s extreme-case scenarios.  Gold at $3,000 an ounce, anyone?

Have a good week. We’ll see you on the other side.

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