Consider the market mayhem of 2022: more than US$30 trillion (S$40 trillion) wiped off the value of global stocks and bonds; the MSCI All-World index of developed and emerging market stocks tanking 20 per cent, the biggest fall since the global financial crisis of 2008; the benchmark S&P 500 down 20 per cent and the tech-heavy Nasdaq down by one third.
Even yields on 10-year US Treasury bonds, deemed the safest investments in the world and a benchmark for many fixed-income assets, have soared, which means their prices have fallen, leading to massive capital losses.
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