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KR Recovery & Market Recap: Both Moving at a Snail’s Pace – December 12, 2025

Good morning,

Thank you again for all the kind words and thoughtful suggestions regarding my TKR last Friday. I read many of them while lying in pre-op, and they were genuinely comforting – I’m so appreciative.

While the surgery appears to have been successful, my recollection of this week’s market action is—admittedly—a bit blurry. My head is clearing at roughly the same pace that the pain is receding…which is to say: slowly.

Fortunately for me, markets have been calm. The main event this week was Fed Chair Powell’s post-FOMC commentary accompanying the quarter-point rate cut. The move landed exactly as expected, with the S&P 500 up a whopping 0.46% so far this week.

One observation which I find comforting: there was noticeably more dissension at this week’s Fed meeting than we’ve seen in decades—and rightly so. A data-dependent Fed going more than a month without data should naturally produce a wider dispersion of views. 

These notes will improve as the fog lifts—I promise. Have a great weekend.

Be well,
Mike

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