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A tsunami of negative indicators should have worried advisers years ago

Will rates really be able to stay high for long should economies convulse?

The question now confronting investors is whether the new emerging consensus about higher rates for longer is just as flawed in light of rapidly contracting economies and potential buyer strikes
The question now confronting investors is whether the new emerging consensus about higher rates for longer is just as flawed in light of rapidly contracting economies and potential buyer strikes Photo: Daniel Leal/Getty Images

Patrick Ghali is managing partner of hedge fund advisory Sussex Partners

It is striking how investors reading research reports produced by a variety of market participants, especially on the sell side, could have easily come away with the impression that until a week or so ago, there was nothing much to see in markets. Yes, they were down; yes, rates were going up; yes, inflation was a problem and so were energy prices, but a recession was surely not going to happen.

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