The Federal Reserve, the Bank England and the European Central Bank have all held their interest rates this week and given out the same message that it is too early to be thinking about interest rate reductions. The equity and bond markets have decided that it is not, responding positively to a growing belief that the current rate-hiking cycle has peaked. Investment trusts are in demand again on this change in sentiment.

Relief rallies all round Having highlighted a potential turning point in my last set of comments, it seems that, having crawled over the wording of the latest central bank an...