Below is an updated graph of my Most Important Chart Ever (MICE) which is the S&P 500 cash index divided by the ten-year interest rate. Quite clearly the days of ZIRP are behind us, and the one-two punch of higher interest rates and lower stock prices seems most likely in the years ahead.
![slopechart SPX FR DGS](https://slopeofhope.com/wp-content/uploads/2022/02/slopechart_SPX_FR_DGS10-640x343.jpg)