The last 3 years in markets have been a challenging time, first came COVID and then the Russian invasion of Ukraine, it’s hard to see the light at the end of the tunnel. Household consumption is the primary force behind economic growth and it’s been experiencing a difficult combination of soaring mortgage rates, increased living expenses and persistent inflation. Together, these things are causing a decrease in disposable income. These strains are likely to persist for a while yet and are causing the short-term fluctuations you might be seeing in your portfolios, depending on your level of share exposure.