A year ago few, if any, would have forecast that in 2023 the US equity market would rise 18 per cent (year to date) at the same time as US 10-year bond yields cracked a 17-year high of 5 per cent. Global equity markets have defied expectations this year.

To many analysts and investors, equity markets generally look expensive, if not in absolute terms, at least relative to yields on offer in fixed income and other less volatile alternative assets.