A lack of global rating actions and the improved market tone at the start of 2023 should not be taken as an early sign of stable future rating performance. On the contrary, the outlook for 2023 remains highly uncertain with risks to the downside. The timing and extent of any U.S. Federal Reserve pivot is still unclear despite recent data releases, while the barrage of 2022 interest rate hikes--with more likely to come in early 2023--plus slower economic growth will likely have detrimental effects on credit performance. The release of December U.S. consumer price index numbers on Thursday and the start of the fourth-quarter reporting season on Friday will provide early temperature checks.