Despite the Fed striking a more hawkish tone following stronger-than-expected inflation data, the S&P 500 is proving surprisingly resilient. With investors questioning whether the market may have bottomed, James Helliwell explains what it might take for the Fed to pause in the absence of a pickup in unemployment, and why this seems more likely than an immediate pivot. Rounding things off, James also presents the contrarian case for equities and breaks down what really drives inflation. Recorded on Wednesday, February 22, 2023.