Cardinal Quarterly – July 2022

June 2022 Market Outlook – The first six months of 2022 was the worst start to a year for stock markets in the past half-century. Clearly, the war in Ukraine and Covid lockdowns in China have not helped.

The greatest concern, however, is that central banks will raise interest rates too high and cause a recession as they combat inflation. Judging by the plummeting prices of economically-sensitive stocks, such as Paypal and Shopify, the market is now pricing in a high probability of a recession within the next year.

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