Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.

Equities underperform during tight monetary policy periods, as higher interest rates restrict risk appetite and make it relatively expensive to buy securities on margin. However, there is typically a substantial lag between the time when a central bank commences tightening monetary policy and when equities peak.