You make a valid point on the ADM becoming MSRP which can always happen. I just feel as the market softens the demand will drop, but also realize the demand for a raptor is somewhat protected as it's a more desirable car and fills the needs of a different type of buyer. I'm looking currently to see what I can find at MSRP now but I also don't mind waiting it out and seeing what happens. I'm also paying cash so the interest rates going up only helps me by eliminating potential buyers that need to finance...I don't think that's necessarily true. With Ford raising prices, today's ADM price is tomorrow's MSRP. And I don't think Ford is anywhere near having the ability to produce more vehicles then they can sell at MSRP or above. When they do get there, I think they'll just slow production, rather than go back to the model of overproducing and selling at a discount. They don't have to do that now since consumers have grown accustom to overpaying through the last few years.
Yes, interest rates and such are going to slow demand, but I don't think waiting is necessarily the best strategy. You're better off putting in the time to find the dealers that have an allocation and aren't looking to max profits on individual deals. And those deals could be out there at any time.
Or, just stick to the used market.