McMillan, David G. - In: Journal of risk and financial management : JRFM 15 (2022) 1, pp. 1-17
shifting the pattern of behaviour. We show a change in the correlation between each of the three variables with stock returns …The nature of the relation between stock returns and the three monetary variables of interest rates (bond yields …. Notably, a predominantly negative correlation with bond yields and inflation becomes positive, while the opposite is true for …