Despite the euphoric January market performance, we are not out of the woods yet. There was some optimism with central banks signaling a slowdown of rising rates or even a pause but there is still a good amount of time needed for those policy effects to take place. Some may call it a relief rally, as a result of poor performance in 2022, and others may call it the January Effect. Whatever the case, the rally is likely to be short-lived and we are not buying into it.

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