Stock markets continued to sink following last week’s recession worries, spurred by the Federal Reserve’s rate decision and the threat to global growth from China’s continued COVID lockdowns. The fear could be seen across asset classes, as traders offloaded equities and other risk assets in favor of cash.Within the sea of red, some of the days’ biggest losers were investments that once surfed on waves of optimism: newly public companies would outperform; Cathie Wood’s flagship fund would regain its previous highs; cryptocurrency would shine as an alternate investment class. On Monday, markets appeared to give up on all these dreams.“One of the things that we’ve learned, at least in this cycle, is that these speculative growthy disruptive alternate high-risk high-reward asset classes were far more rate sensitive than maybe folks thought they were,” said Steve Chiavarone, senior portfolio manager at Federated Hermes.
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