Business
The Fed chief just disrupted the sharemarket’s ‘Great Rotation’ – Sydney Morning Herald
The markets had been starting to price in an expectation of a rekindling of inflation to levels not seen since the 2008 financial crisis. Fed chief Jerome Powell…

The overall market was down about one per cent over that same period, but that could be attributed to the 28 per cent of the US markets capitalisation now exposed to those big tech companies. The rest of the market was up modestly.
The big tech companies, which trade on an aggregate price-earnings ratio of nearly 60 times, are extremely sensitive to interest rate movements because they are priced for continuing big increases in their future cash flows and earnings. A relatively small change in the…
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