December saw a bit of a retracement of the jubilation from November. Major developed market central banks delivered 0.5% interest rate hikes, as was expected. But communication accompanying the changes served as a reminder that inflation remains a threat, denting optimism of market participants – particularly in the US. But further evidence of China’s willingness to drop their zero COVID policy provided some welcome news to markets. Overall markets struggled, with the concern of higher for longer rates hitting US companies harder than most, especially those companies that have higher growth characteristics.

 

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