As investors continue to pine for the halcyon days of January – when the US share market touched a fresh record, while the yield on benchmark US 10-year bonds was still an ultra-low 1.63 per cent – some analysts see grounds for hoping that the worst of the rampant wealth destruction we’ve seen this year could be over.

After all, the US share market has performed solidly this month, as investors have rejoiced at signs from the US central bank that it may slacken its pace of rate rises and at the prospect of a divided government after the November 8 midterm elections.