This chart looks at the correlation of equity market performance with interest rates. The x-axis shows the yield of the 10-year U.S. Treasury, and the y-axis shows the 24-month rolling correlation between weekly S&P 500 price returns and changes in the 10-year U.S. Treasury yield. When interest rates rise from low levels, it is usually a sign of economic strength and equities tend to also move higher. When they continue to rise from higher rates, it can be disruptive for economic growth and thus equity performance.