The September 2022 quarter started with a general market rally and some promise of recovery, however, it was sharply reversed following the speech of Jerome Powell’s (US Federal Reserve Bank Chairman) at the Jackson Hole Symposium. Powell indicated aggressive action to tame inflation and followed through with an increase to US interest rates by another 0.75%. This year’s cumulative rate increase in the US from 0.25% at the start of the year to now 3.25% is the most aggressive since 1994. In equities the index of Australia’s top 200 companies (ASX 200) ended the quarter + 0.39% and the top 500 companies in the US (the S&P500) ended down -3.43%.
Read more here: Paradigm Group Quarterly Report & Market Update – September 2022