If the market has already priced in all the bad news, then why on earth are shares still falling? Amusingly, there is no shortage of commentators who claim that the market has accounted for the rate hikes by central banks, that the market knows all about the impact of quantitative tightening, and that they also know about the direction of travel as far as inflation is concerned. So, why, I ask again, do markets fall when central banks announce their interest-rate decisions? The simple answer is that “talking heads” are talking through their hats, or perhaps some other part of their body that a family-friendly website like The Smart investor is too polite to mention. Commentators might like us to think that they know everything. But they don’t have a clue. What we do know, however, is that the global economic growth could slow appreciably. It will slow because central banks (apart from a few misguided ones)...