Inflation declined in November, according to the Consumer Price Index, but prices remain high. Still worried about inflation, the Fed remains hawkish about pushing rates higher early in 2023 after increasing rates by 50 basis points last week following four straight 75-BPs increases. Auto loan performance deteriorated further in November. The default rate in November was higher than the default rate in November 2019. Severe delinquencies are far higher than in 2019, especially for subprime loans. Retail sales declined in November, and adjusted for inflation, retail sales were down from a year ago. Initial jobless claims declined in the latest week, but continuing jobless claims are at the highest level…