Trillions of dollars wiped off world stocks, bond market tantrums, whip-sawing currency and commodities and the collapse of a few crypto empires - 2022 has been perhaps the most turbulent year investors have ever seen, and for good reason.
Yes, global equities are down $14 trillion and heading for their second worst year on record, but there have been nearly 300 interest rate hikes and a trio of 10%-plus rallies in that time making the volatility freakish.
U.S. Treasuries and German bonds, the benchmarks of global borrowing markets and traditional go-to assets in troubled times, lost 16% and 24% respectively in dollar terms. "There has been a buyer's strike," he said. "And understandably so because prices have just been going down until recently."Drama kicked in as soon as it became clear that COVID was not going to shutter the global economy again and the world's most influential central bank, the U.S. Federal Reserve, was serious about raising interest rates.
That yield is now at 3.68%, stocks are down 20% while oil prices surged 80% before giving it all up. The Fed has delivered 400bps of hikes and the European Central Bank a record 250bps, despite saying this time last year it was unlikely to budge.In emerging markets, Turkey's inflation and monetary policy problems have cost the lira another 28%, but its stock market is the best performer in the world.
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