, posted huge gains from the market lows in 2020. Wall Street’s rally reversed sharply last year, with the broad S&P 500 falling almost a fifth as the Fed began reining in the measures that lifted markets.
He adds that “the main culprit is the elevated and volatile inflationary environment which is likely to play havoc with profitability.” The S&P 500 has risen 4.1 per cent this year, but that has trailed STOXX Europe 600, which has gained 8.5 per cent in U.S. dollar terms and MSCI Emerging Markets Index, which is up 7.8 per cent on the same basis.
“Large investors are saying for the first time since March 2020 that monetary policy is too tight. They’re telling central banks that the monetary tightening cycle has worked too well and it is now time to stop [raising interest rates],” says Michael Hartnett, chief investment strategist at BofA global research.
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