In the minutes of the last Federal Open Market Committee's meeting, held from October 31 to November 1, the overall take was, "Financial conditions continued to tighten, driven by higher yields on Treasury securities as well as by lower equity prices and a stronger dollar, which themselves partly reflected higher interest rates."

Labor market conditions did remain tight but were easing. Consumer inflation was "elevated but continued to show signs of slowing." Also, "Survey measures of consumers' short-run inflation expectations remained above their pre-pandemic levels. In contrast, survey measures of medium- to longer-term inflation expectations remained in the range seen in the decade before the pandemic."

However, since then, yields on Treasury securities have started to come down again. The S&P 500 is only 4.4% off its all-time high. The Fed's nominal broad dollar index, which had been climbing going into late October, in declining again.