Aeroplane analogies have become prevalent in markets commentary over the past year, generally focused on the extent to which Jay Powell, pilot of the US Federal Reserve, can glide to a nice soft landing in the economy. Can he engineer a slowdown in inflation without causing a crash?
The passengers are getting nervous, it seems. “Stand by for sudden pressure loss,” Matt King, a global markets strategist at Citi, wrote this week. In a note to clients, he said the undeniably decent performance in key markets so far this year — the S&P 500 and the MSCI World index are up around 8 per cent — is often attributed to “genuine improvements” in the economic outlook.
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