10/17/2022 - Gerard Minack – Rate Hikes and Equity Markets Outlook

“Equity markets typically rally after the final hike in a Fed tightening cycle (Exhibit 7). I don’t think we are close to that final hike, but I concede a tactical rally is likely at the time. These rallies are driven partly by the fact that on average the first cut in a rate cycle comes 4 months after the final hike in the prior cycle.”

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