By any measure, 2019 has seen an incredible run in the equity market and there’s still one month to go. The ASX 200 has returned 19 per cent for the year to date, a stellar result that no one thought was likely this time last year.

The key change behind this rally was a sharp turn in stance across global central banks, particularly the Federal Reserve, which moved from tightening to loosening within the space of a few months.