Introduction

Why did global equities stage their biggest rally since November 2020 upon the official launch of a monetary tightening cycle at the March 2022 meeting of the Federal Open Market Committee? Why was this decisive risk-on move in stocks led by the tech sector, as front-end bond yields surged, curves collapsed, and dot plots adjusted? And why are the vast majority of market commentators confused, with no consensus explanation forming for this indiscriminate demand for shares as the Fed finally moves off the zero bound? Weston Nakamura explains the sustained upside in global equity markets in the aftermath of Fed Chair Jerome Powell’s press conference.

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