To say the past week has been turbulent for equity markets would be somewhat of an understatement. It has been a case of “rock, rattle and roll” for risk assets.
After being rocked by hawkish statements from Federal Reserve chairman Jerome Powell early in the week, markets were rattled by data showing no signs of cooling in the United States economy (a Fed prerequisite for a freeze on rate increases). By Friday, markets were rolling downhill on news of the largest US bank failure since 2008.
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