2022 has been a painful year so far for investors. Returns from both equities and bonds have plunged in lockstep — a rare moment in history — on aggressive action taken by the US Federal Reserve to tame record high inflation through raising rates.  The S&P 500 index has declined for three quarters in a row this year — the longest streak of quarterly losses since the Global Financial Crisis in 2008. Raging inflation this year is, in itself, a result of the complex interplay of many factors. It combines the result of a strong labour market, years of market liquidity unleashed after the Global Financial Crisis, the impact of energy supplies from the Russia-Ukraine war that has stretched into its 10th month, and supply-chain constraints brought on by Covid-19.  Higher interest rates unleashed by central banks — that is, policymakers taking a hawkish monetary stance — mean a higher...