Terminal Rate Estimate Going to 6 – 7% in 2023

Atlanta Fed Nowcast currently forecasting Q4 growth of 4.4% – https://www.atlantafed.org/cqer/research/gdpnow

Minimum estimate is now 5.0 to 5.25% –

https://finance.yahoo.com/news/fed-bullard-says-more-hikes-130000466.html

https://www.cnbc.com/2022/11/16/feds-daly-sees-rates-rising-at-least-another-percentage-point-as-pausing-is-off-the-table.html

Persistent inflation could require 7% –

https://www.reuters.com/markets/us/feds-bullard-even-dovish-policy-assumptions-require-further-rate-increases-2022-11-17/

I think the market is in for a lot more pain coming in December through Q1. There hasn't been a significant softening of demand that the Fed is looking for.