The stealth bull market

At the end of July, I had written an article titled “An old, new bull market?”, which tried to explain the market mood against the backdrop of rising inflation, escalating interest rates, and slow growth, which together act as a cold wet blanket. But the stock markets were resilient. The S&P500, bellwether of the US market, was down only 14.3 per cent till July from its peak. Second, it is well known that when the US sneezes, emerging markets catch a cold, but as I remarked then, Indian markets were even stronger than the US markets. So, how have these two pieces of conventional wisdom played out over time?