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Since 1979.

The financial markets have been fluctuating for some time now, oscillating between expectations of significant interest rate cuts and more moderate reductions over the coming quarters and years. This is primarily due to inflation having surged too high after the COVID-19 crisis, prompting a need to restrain growth below potential growth levels. Central banks responded by significantly raising interest rates, which typically leads to much lower growth after a few quarters. Interest rates were raised so aggressively that many began fearing a looming recession – something that must be avoided, as it could easily escalate into another credit crisis in the current environment. However, something quite different has played out in reality.....