Last month, Merck (NYSE:MRK) began talks to buy Seagen (NASDAQ:SGEN). But the pessimism pendulum has swung so far, and the market has so quickly priced in the current rate hike cycle that any whiff of a dovish pivot from the Federal Reserve should bring buyers rushing back into growth. Commodity prices have already peaked, and further signs of an economic slowdown should give the Fed cover to ease off the brakes they’ve been slamming to the floor to combat runaway inflation.