Anatomy Of A Tightening Cycle

The Fed is tightening again, but history suggests the start of a hiking cycle may be less ominous for markets than investors assume. Stocks have often held up surprisingly well, while the bigger risks tend to emerge later, when policy becomes too restrictive. We look at how equities, bonds, the dollar, gold, inflation, and employment have typically behaved across past tightening cycles, and what that history may imply for the road ahead.