A sharemarket rally, spurred by hopes of rate cuts, has lifted the Future Fund’s portfolio, but it says investors have not adjusted to a higher-for-longer scenario.
Already a subscriber?The Future Fund warned that investors have not yet woken up to the likelihood that interest rates will stay high, after its prediction that inflation will be hard to defeat spurred it to another winning quarter.
While markets have priced in a series of interest rate cuts, the latest economic data has led to a retreat in expectations that monetary policy will be loosened in the United States and particularly, Australia.
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