If one looks at Fed rate hike cycles since the beginning of CY2000, the market has witnessed 4 such cycles – Mid-1999 to Mid-2000, June 2004 – June 2006, Dec-15 – Dec 18, and the current cycle over the past 12 months.
Jefferies sees an earnings revival in mid-cap firms in financial year 2024 as commodity prices turn favourable and also expects the operating margins of midcaps to rise around 90 bps YoY.