 Recent downshift in the pace of hikes allows the Fed to assess more data as it moves policy to sufficiently restrictive levelsInflation has been declining, data points to subdued growth aheadMonetary policys drag on US economic growth and employment likely to increase in 2023Tentative signs labor demand is coolingWages do not appear to be driving inflationTentative signs of moderating wage growthRisk-management posture needed to defe... 