Equities have exceeded expectations, cash has performed in line with them, and property and fixed interest took until nearly the end of October before recovering earlier losses. Their comeback since then has been exceptional and is a good example of the dangers of moving to cash and trying to time markets.

In the last few days, we have had a glimpse of the next market moves. Still, at the moment, there is insufficient evidence to say with any confidence that we have entered a new period and brought an end to the central bank-induced volatility.

The financial airwaves were dominated by two themes in May: the US debt ceiling negotiations and excitement over AI.