Richard Jenkins, lead manager of CI Black Creek International Equity, sees a shadow when he looks at the sunny economic growth numbers in various regions around the world.
While growth continues in Europe, Asia and North and South America, a credit-tightening phase has begun in the United States and, more recently, Europe. The U.S. central bank has already raised rates twice in 2018 and is expected to do so two more times this year.
Rising interest rates are often poisonous to robust economic growth as borrowing money becomes more expensive, demand for goods and services falters along with corporate expansion plans, and interest-paying investments become more attractive to investors and pose greater competition to stocks.
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