As I have repeatedly written about, the average year sees the S&P 500 Index trend higher from January to August before digesting gains and consolidating in a multi-month base structure. Image Source: TradingView Inflation is Tamed Earlier this week, a Bank of America (BAC) analyst wrote, “We now think the hiking cycle is over after a benign CPI report. The Fed will probably try to leave the door open for more hikes next year at its December meeting, but there are diminishing returns to hawkish rhetoric when its policy choice leans dovish.