New year, same threat: Interest rate risk is here to stay in 2023

Last year will be remembered as the year that Russia invaded Ukraine, inflation returned to the global economy with gusto, and monetary policy was aggressively tightened in major economies. The initial impact of these shocks has already been felt across capital markets, but I suspect that in 2023, we will see more of the fracture lines making themselves known, and no doubt some fresh risks emerging. In particular, economies and capital markets are still in a state of transition from a long period of cheap money to more normalised levels of interest rates. Clearly, this process has alr...