Equities Resilient vs 2022 Energy Shock

Deutsche Bank strategist Henry Allen notes equities are more resilient now than during the 2022 energy shock.
Brent crude futures are below $80 per barrel, far lower than the >$100 levels seen a month after the Ukraine invasion.
Cumulative inflation has risen about 10% since 2022, but starting from a lower base reduces pressure on central banks.
The S&P 500 posted three consecutive weeks of gains above 3%, a phenomenon only seen three times since World War II.