“The market has gotten ahead of itself,” Bell says, adding that the rally has an “almost belligerent” characteristic to it. The strong performance suggests many professional and amateur investors have also priced in the outcome that the US Federal Reserve will change tack and start cutting interest rates in the second half of the year, he says. And that may be premature. “While inflation may well have peaked – the labour market in the US remains incredibly tight – as evidenced by last Friday’s jobs report and [Federal Reserve chairman] Jay Powell’s recent comments,” Bell says. He takes a more...