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Don’t worry about the “panic of September”

By Chris Bailey | Friday 26 August 2022


 


It is nearly a Bank Holiday weekend, so typically you would have very quiet markets (with only a few dodgy small caps slipping out very late and very shabby numbers). However, even for boring larger cap ex-institutional investors such as myself, there is plenty happening. Admittedly, I am fed up hearing about the world’s media talking about higher gas and electricity prices as if they barely knew that Ofgem existed. Here is my top tip for macro and micro economy watchers: just because something has not gone up for ten years, does not mean it cannot go up. It is just like people borrowing money at super-low interest rates for a decade or more and then complaining when the yield (finally) goes up. And talking about interest rates, I guess I will be keeping half an eye on the views of the chairman of the Federal Reserve Bank at the Jackson Hole Economic Symposium later today.

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