A ‘Volcker recession’ in the making

For a long time, our local stock market has been regarded as a safe haven during times of high inflation as our country was a commodity producing nation, namely petroleum and palm oil among others. In addition, we have always been a low beta market due to large institutions and government linked funds which participated in the stock market.

AT the peak of the 1980s’ US inflation, Paul Volcker, then the Federal Reserve (Fed) chairman who stood at a towering height of 201 cm, made the extreme decision to hike interest rates to 20%.

Not only is he the tallest Fed chairman in US history, he also held the record for hiking interest rates to levels unmatched till today.

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