This slide looks at the relationship between interest rates, represented by the 10-year U.S. Treasury, and the correlations monthly stock returns and interest rate movements. The data points are categorized into pre- and post- the Global Financial Crisis in order to isolate for the low interest rates environment we have over the past 10 years. In terms of investment implications, the chart illustrates that when interest rates are rising but below 4.5% (pre-GFC) and 3.6% (post-GFC), these hikes are positively correlated with equities market.