Since the start of 2023, global and local investment markets have been characterised by much volatility and uncertainty as a result of economic and geopolitical developments. The trajectory of inflation numbers in the developed world and the resulting implications for monetary policy for the major central banks remain top of mind. Concerns about a possible US recession, more failures in the banking industry and the debt ceiling that is looming for the US government are additional factors that will influence future interest rate decisions by the US Federal Reserve Bank. Current market expectations are that the Federal Reserve Bank might adopt a wait-and-see approach at the next FOMC meeting in June while the European Central Bank and the Bank of England are also approaching the peak of their current rate cycles.

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