A LITTLE SURPRISING – 12/16/19

The Fed has had 8 “tightening cycles” in the last 50 years (i.e., since 1969), including the most recent cycle that included 9 rate hikes through 12/19/18.  During 6 of the 8 “tightening cycles” over the last 5 decades, the S&P 500 was “up” on a total return basis, including the last 4 cycles (source: BTN Research).

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