Both Mr Lill and UniSuper’s John Pearce said sharemarkets risks remain despite 2022’s horror year because valuations are still elevated. “Volatility is likely to continue into 2023 as rates rise further and the pain, particularly in the housing sector builds,” Mr Pearce said. Mr Pearce urged central banks to pause for breath in their aggressive tightening and allow economies to catch up with the magnitude of rate hikes already implemented as warning signs flash about the state of global growth. “Maintaining an aggressive tightening bias while lead indicators are weak and house prices are rapidly falling could end up in...