(Bloomberg) -- Financial conditions will keep getting tighter and more stress in credit markets is likely ahead as central banks around the world keep ratcheting up interest rates to combat inflation, according to one of Australia’s largest pension funds. That’s all the more reason to maintain increased levels of liquidity within portfolios that can deploy capital when more cracks appear, said Damian Graham, chief investment officer of Aware Super, which has about A$150 billion ($94 billion) under management.