Positive equity market developments have been overlooked due to the obsession with inflation, tightening monetary conditions, and rising recession risks.
It is hard not to have inflation and central bank rate hike fatigue given the never-ending barrage of commentary from market commentators and participants over the past nine months.to ensure it does not become embedded in expectations. At this stage, central banks are a long way from claiming success despite embarking on the fastest policy tightening cycle since the early 1990s.
It is important to understand that the macroeconomic backdrop has changed as the era of cheap and plentiful liquidity has ended abruptly. It is also important to understand that despite this, there have been very few signs of widespread equity market panic and indiscriminate selling that tends to accompany macroeconomic shocks.
While there have been some broad risk-off days, the differential between the best and worst for performing sectors within the Australian equity market is huge at 85 per cent.
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