The markets tried denying that the Federal Reserve really would keep rates “higher for longer”. But in the past week, equities and debt finally seemed to accept that high interest rates are here to stay. That means changes in the prices of assets, but it also has a lot of implications for everyone from tech start-ups to small countries with big loans. Today on the show, we try to think about the new world of high interest rates. Also, we go short small cap stocks and long London’s grocery stores.

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Read a transcript of this episode on FT.com


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