LAST year was surprising in so many ways. Who could have predicted a double-digit rise among the broad global stock markets, 26 per cent for the S&P 500 Index, and a 55 per cent rebound by the Nasdaq? This is against the backdrop of the fastest interest rate hikes by the Federal Reserve in over four decades.
What was even more surprising was how resilient and strong the US and global economies remained throughout that period.
Most people may not remember this, but as 2022 came to a close and we entered 2023, a plethora of forecasts said interest rates had likely peaked. The forecasters spoke with a common voice that inflation was starting to decline; rates would begin to fall, and the Fed would...
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