Is 2022 Going to be More Like 2017 or 2018?

Often when new years begin, there is a Wall Street urge to try and compare the coming year to a prior year in order to glean some broader cycle context. Going into 2022, the debate seems to be, is this 2017 or 2018. A great framing of this debate was in Brent Donnelly’s terrific “amFX note” last week.

2017 and 2018 were very different years, almost oppo…