May was a month characterised by concerns over a possible catastrophic US default on its debt obligations, with markets waiting to see if a bipartisan deal could be reached on the debt ceiling and pass through Congress before the end of the month. Inflation data and...
April was another positive month for equity markets, with the S&P 500 gaining 1.5% for its second consecutive monthly rise. However, mixed economic data means the outlook for the rest of the year remains uncertain. Equity markets are pricing in a softer recession,...
The biggest news from March was the troubles in the banking sector, and we covered the immediate aftermath of the collapse of SVB in the middle of the month. Since then, markets have broadly recovered from the initial concern to end Q1 with positive returns. Global...
The Noise The Bank of England raised UK interest rates by 0.5% to 4%, signalling that rates may now be nearing their peak. The US Federal Reserve similarly raised its target for its benchmark rate by 0.25% to a range of 4.5% to 4.75%, with the Fed committee also...
2022 was an unprecedented year for markets, with both bonds and equities recording substantial losses at the same time. UK government bonds ended the year down close to 25%, a disastrous performance for a supposedly low-risk asset. Meanwhile, global equities lost some...