Mr Wilson attributed the latest leg of the sharemarket rally to comments from US Federal Reserve chairman Jerome Powell last week, when he declined to push back on the prospect of loosening monetary policy. The subsequent surge in bonds and stocks was caused by investors being positioned for hawkish rhetoric, and hopes that the Fed would pivot soon to avoid an earnings recession. Healthcare, consumer staples Mr Wilson also pointed to Friday’s stronger-than-expected US jobs data. “The residual strength in the labour market did not scare away the newly minted bond bulls, which is in line with our view rates...