Dan Kemp: 'It isn't the economy, stupid!'

Thirty years ago, Bill Clinton rode to victory in the US presidential election on the slogan ‘It's the economy, stupid', a phrase that was originally devised by Clinton's strategist, James Carville, to remind the campaign that voters become myopically focused on the near-term future of the economy when confronted by a recession. Faced with high inflation and a weakening economy, we are seeing echoes of Carville's slogan in the concerns of investors in 2022; concerns that have been exacerbated by the sharp declines in asset prices over the first half of the year. This fall in asset prices...