The Financial Post reports in its Tuesday edition that markets are enjoying quite the Santa Claus rally to end 2023. Post columnist Martin Pelletier writes that we can thank the U.S. Federal Reserve for turning dovish, giving investors the go-ahead to add risk back into their portfolios. As a result, the U.S. Financial Conditions Index has now fallen over the past two months by the most since COVID-19 and the global financial crisis. Speculators have also returned, plowing into the riskiest segments of the market. Lopsided markets scare us. We have learned to be wary of the consensus. "Rather than being inclined to opt for the easy shortcut associated with the 'It just took longer' narrative, both markets and policy-makers would be well advised to focus on how much the world has changed in the past few years," Mohamed El-Erian, former boss of Pacific Investment Management, said in a recent Financial Times of London column. "The inflation round trip is neither simple nor complete. The resulting shift in the configuration of the global economy and financial markets will be felt for several years." Therefore, our advice is to enjoy the Christmas gifts we are being given by the markets, but use caution after Jan. 1.