Chris Hyzy, Merrill and Bank of America private bank chief investment officer, joins the ‘Halftime Report’ to discuss his 2023 investment playbook. For access to live and exclusive video from CNBC subscribe to CNBC PRO:

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The United States Federal Reserve has been working tirelessly to bring down inflation at a faster rate than the market had previously anticipated. According to Chris Hyzy, Chief Investment Officer for Merrill and Bank of America Private Bank, the Fed’s efforts have been highly effective, surpassing market expectations and leading to a more optimistic economic outlook.

Since the start of the COVID-19 pandemic, the US economy has been beset by supply chain disruptions, labor shortages, and rising commodity costs. These factors, along with unprecedented government stimulus measures, have contributed to a rapid increase in inflation. Prices for goods and services have risen sharply, causing concern among economists and investors alike.

The Fed has responded by taking a number of measures aimed at bringing down inflation. In particular, the central bank has signaled its intention to begin tapering its bond purchases, which have been a key element of its pandemic-era stimulus efforts. The reduction in bond buying is expected to limit the money supply, making it more difficult for inflation to continue rising.

Hyzy argues that the Fed’s actions have already had a significant impact on inflation, bringing it down more quickly than many had predicted. He also notes that inflation expectations among consumers and businesses appear to be stabilizing, which should help to reinforce the Fed’s efforts.

Going forward, Hyzy suggests that investors should be more optimistic about the economy than they may have been earlier in the year. With inflation under control and the Delta variant of COVID-19 on the wane, he believes that there is potential for significant economic growth in the coming months.

Of course, there are still risks to the economy that could complicate the Fed’s efforts to bring down inflation. For example, the ongoing labor shortage could limit the production of goods and services, leading to further price increases. Similarly, the emergence of new COVID-19 variants could once again disrupt supply chains and fuel inflation.

Despite these risks, Hyzy’s assessment suggests that the Fed’s efforts to control inflation are bearing fruit. With continued vigilance and careful management of the economy, the US may be able to navigate the challenging economic landscape of the pandemic and emerge stronger in the years to come.