The difference now, is that in the short-term, raising interest rates slowly (or remaining them stable) is not bearish for the markets. It would fuel continuous growth as it's a new version of QE to stimulate the economy. The tricky part is that accelerating rates fastly or cutting rates, that's going to be a massive sign for the markets to sell off and that's when you'll see rotation of capital into other assets. For now, this is fine. I don't see a reason to be bearish, and I don't think a comparison with 2018 (solely on the FOMC rates) does make sense in that regard.
Michaël van de PoppeShare
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