Investment briefing
Ricochet
Cast your minds back to 2014, when the Caribbean Island of Puerto Rico, burdened by a chronic budget deficit, spooked the US municipal bond market by passing legislation to restructure some of its enormous $73bn debt pile. US Municipal Bond ETFs reeled and wider markets were spooked, the country’s debt downgraded to ‘junk’ status.
Investment briefing
World markets have experienced one of their most turbulent quarters in recent history. Coming so soon after the trauma of a global pandemic, the impact of events in Ukraine seems that much worse.
Investment briefing
Bear markets start for various reasons, but the root cause is constant. Too much debt, too much euphoria and always, the lure of a new paradigm.