Late last year, a wise market veteran offered Chanticleer some sage advice on equity markets and interest rates: it’s always the second rate rise that spooks investors.

So it proved on Tuesday, when Reserve Bank governor Philip Lowe’s decision to lift the cash rate by 50 basis points at 2.30pm sent the ASX 200 down 0.7 per cent in the space of five minutes; the market ended down 1.53 per cent.