What Is Driving Equity Prices?

I was interested into what extent you saw any breakdown in the link between market participants' expectations of central bank action and particularly the equity markets. There seemed to be a bit of a disconnect, at least for a couple of weeks, that got quite large as real interest rates rose and stocks carried on up,. which was sort of reversing what had been the general patent last year. And I wondered how do you think central banks in developed countries should consider the prospect or return of high energy prices next year? Is it possible that all the current predictions for inflation falling very dramatically towards the end of the year and beginning of next year could be a false dawn? Or do you think those fiscal authorities should be