T. Rowe Price's Ritu Vohora: Adjusting your sails in stormy seas

'Road to normalisation will be bumpy'

I have recently been introduced to the world of sailing and it is a lot like investing. You need to set your course and stick with it but be prepared to adapt as things can be unpredictable.

At the beginning of August, following a softer US payroll print, a rather poorly timed rate hike from the Bank of Japan and artificial intelligence monetisation worries, markets endured a violent repricing – bond yields plunged, equity markets sold off, the yen appreciated, and recession fears clouded the outlook. The narrative pivoted dramatically, from just a week before. While sailing back from the sheltered harbour and calm waters of Newtown Creek on the weekend, the wind picked up dramatically and we were fighting the tide. T. Rowe Price's Ritu Vohora: Equities poised to exten...