Since the Asian and Long-Term Capital Management crisis of 1998, when Federal Reserve chair Alan Greenspan rescued the markets, Wall Street has called the shots, forcing the US central bank into spectacular interventions and U-turns. Asset prices in general have been pumped full of unprecedented monetary and fiscal stimulus. With US inflation at a 40-year high, and the housing and labour markets red hot, the US Fed has finally taken a distinct and meaningful step forward on the path back to normal. Central banks around the world have begun to follow suit and we’ve now seen a volcanic eruption in short term interest rates in Europe. The game has changed. Investors need to accept that the days of abnormal monetary policy are over. - Jonathan Pain, The Pain Report. Earn 0.50 CE/CPD hrs on Portfolio Construction Forum