What Now ?

I would expect that the last wave of this reflation hope scenario, ie, higher interest rates, have probably gone up about as much as can be expected without confirmation that economic activity has improved. With that said, the interest rate levels that we are at now, around September 2019 levels, should hold for two to four months.

In consequence, as everyone waits out the “hope Scenario” , look for pressure on stock prices.

See chart here.