P/E de-rating from 2021 highs has been driven by the rise in EPS, notes Philip Lawlor. He discusses how major indices are coming off their best weeks of 2023. He talks about when the Fed could begin cutting rates. He also goes over recession risks next year. He highlights that U.S. equity-risk premium fell to a 20-year low on rising bond yields. Tune in to find out more about the stock market today.