Economic Update – “Shifting Gears”

Equity markets extended the recovery from the September 2021 sell-off with US equity markets setting new highs and the Australian equity market closing in on the previous peak. Calendar year 2022 looks set to be a year of ongoing recovery from the setbacks of the COVID-19 pandemic. Australia (and New Zealand) is in the early stages of removal of pandemic restrictions and businesses are looking forward to improved trading conditions. As we have spoken about over the course of the year, inflation remains a key uncertainty. Other issues that we have spoken about include a new mutation of the virus, and the removal of generous levels of fiscal and monetary policy support. Global fund managers are adjusting strategies to include more hedges against inflation and reassessing sectors that may be negatively impacted by rising interest rates.

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