Seems to me like that doesn't usually happen until the second or third rate increase. Hopefully, the decline we just saw was an overeacation to potential rate increases.
Eventually, yes, and that is one of many reasons that they have a broad top in the summer and early autumn, but the first move up in rate just causes minor tremors that settle rapidly. After all the rate simply indicates that the bond market fears pressure on manufacturing capacity and thus on rates. Pricing power is good for bottom lines...
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