Stock pickers reckon it’s time to move on from central banks

By Naomi Rovnick LONDON (Reuters) – Stock market investors are calling time on the idea that the Federal Reserve, and other major central banks, have their back. Hopes for interest rate cuts by year-end have evaporated, given resilient data and sticky inflation, suggesting central banks will instead be inclined to keep borrowing costs around their highest since 2007 for some time. The take away for money managers? Switch from so-called growth stocks, such as tech, and focus on businesses that can withstand the end of cheap funding — banks that benefit from higher rates and resources and consu…

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