Hike now, ask questions later

Hike now, ask questions later


Stefan Löwenthal

  • Managing Director, Chief Investment Officer — Global Multi Asset Team
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Igor Kovacic

  • Senior Investment Manager — Global Multi Asset Team
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Jürgen Wurzer

  • Senior Vice President, Deputy Head of Portfolio Management— Global Multi Asset Team
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Elevated inflation rates are putting political pressure on governments and particularly on central banks. In its latest quarterly outlook, the Macquarie Global Multi Asset Team takes a hard look at today’s inflation relative to the 1970s, and where central banks stand today. The team offers several potential paths for the balance of 2022, while maintaining that in bull and bear cases alike, the approaching tightening cycle should create a headwind for global markets.

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The views expressed represent the investment team’s assessment of the market environment as of March 2022, and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice. Views are subject to change without notice.


Investing involves risk, including the possible loss of principal.

Past performance does not guarantee future results.

Diversification may not protect against market risk.

All charts are for illustrative purposes only.

Charts have been prepared by Macquarie Asset Management unless otherwise noted.

Economic trend information is sourced from Bloomberg unless otherwise noted.

The Personal Consumption Expenditures Price Index (PCE) is a measure of inflation that is calculated by the Bureau of Economic Analysis, representing changes in consumer spending on goods and services. It accounts for about two-thirds of domestic final spending.

The S&P 500 Index measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

The US Consumer Price Index (CPI) is a measure of inflation that is calculated by the US Department of Labor, representing changes in prices of all goods and services purchased for consumption by urban households.