Remember my MICE chart? (The Most Important Chart Ever)? It is equities divided by interest rates, and when it was so high in the summer of 2020 that it actually cracked above the channel, it clearly anticipated either lower equities, higher interest rates, or both. Look how far it has moved since then, traversing the majority of the channel.
Well, we haven’t really got our ‘lower equities” (yet) but we sure as hell are doing great in the rising interest rates department.
