Traditional economic theory tells us that all else being equal, stock prices go down when interest rates rise. But we live in real life, not in a text book. Case in point: when the Federal Reserve released the notes from its June meeting yesterday, making clear that another substantial interest rate increase will likely be made at its July meeting, most indices moved higher. Why? If you are a regular reader of this newsletter, you already know. If you missed it, check out our June 16th edition here.
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