Financial Markets Update: April

April provided a sharp turnaround for financial markets with both equity and bond markets lower. While there was some profit taking across markets after a strong 1q24 performance, markets were also roiled by the likelihood that cash rates would not be moving lower in the near term. Ongoing comments from global central banks around a more cautious outlook in reducing cash rates was further backed-up by the higher than forecast inflation data both locally and in the US. This resulted in a shift by financial markets as to both the start of any reduction in cash rates as well as the number of cuts through the back end of 2024

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