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David Rosenberg, head of market strategy research firm Rosenberg Research, believes the Federal Reserve's next stance will become more "hawkish." He noted that the Fed is still battling the "ghost" of post-COVID pandemic inflation that spiraled out of control, and this factor will influence its current policy decisions. Rosenberg wrote: "The Fed is still haunted by its failure to accurately judge inflation as 'transitory' during 2021-2022. Given that the Fed is closely watching the lagged effects of energy prices feeding through to other CPI components and focusing on the 'breadth' measures of inflation, we have every reason to expect that at the December 9 meeting, the Fed will take a 'hawkish rate hike' action."