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Markets could do with some cheer to start the year, and there’s a slim chance that the end of the first trading week of 2023 may provide it.

Federal Reserve Chairman Jerome Powell’s hawkish tone after the central bank’s December meeting dented hopes of a Santa rally, flagging a higher peak rate than expected. Wednesday is Fed Minutes day and markets will be poring over the details to see whether the committee’s discussions match Powell’s hawkishness. Any deviation could provide a much-needed boost for stocks.

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