Stocks are closing out a dismal 2022 as the Fed fights inflation. Here’s what history says comes next.

Stock-market investors have plenty of reasons to feel gloomy heading into 2023: Inflation is still high, the housing market is sputtering and the Federal Reserve just raised interest rates by another 50 basis points.

What’s more, central bankers indicated Wednesday that their benchmark rate could peak at 5.25% next year, a level last seen in the run-up to the 2007-’08 global financial crisis, although not too far from its current 4.25% to 4.5% range.

But…