The five stages of grief are denial, anger, bargaining, depression and acceptance. For investors, the five stages of a bear market appear broadly similar.
Bargaining came over the summer, when investors briefly took seriously the notion that central bankers might be gentle with rate rises, or even reverse them. Now we are stuck somewhere between stages four and five.
This week has demonstrated, as if it were not already obvious, that declines in asset market valuations are simply not going away. In an extraordinary sweep, central banks from the US to Switzerland embarked on what looked like competitive policy tightening.
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