12 to 18 February: Getting Comfortable

Last week saw the steepest gains for equity markets in a number of years as around half the recent losses were recouped. We don’t think this means investors have forgotten about higher inflation and interest rates. Rather, we believe there has been an important shift in regime, which required an adjustment, and that consensus is now building that monetary tightening will be gradual and therefore not (near-term) enough to de-rail growth.

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