With the key central bank, the US Federal Reserve, still talking tough on further rate hikes and concerns that the impact of a possible recession is not yet fully discounted in share prices, the traditional, rose-tinted outlook that greets most New Years is notably absent. In stark contrast to the crisis of 2008 however, 2022 offered investors almost nowhere to hide, with high quality bonds suffering significant losses alongside equities, thanks to the cascade of interest rate increases imposed on economies in response to an inflation shock that built progressively over the year. ![]() The Financial Times headlined its final issue of the year with ‘Markets lose more than $30tn in worst year since financial crisis’. Very few investors will rue the passing of 2022.
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