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Fed rate hikes’ minimal impact on bank deposit rates

Where does it leave investors when Fed rate hikes are barely budging rates on bank deposits?

Stagnant wages help keep interest rates low

Average annual earnings and effective federal funds rate

Global yields signal low income ahead

10-year government bond yields around the world: 2013 versus 2018

Traditional stocks and bonds downshift in 2018

Stocks and bonds largely range-bound in 1H 2018

Market momentum fades as the economic cycle ages

Stock and bond returns in 2017 and 2018

Traditional bond returns sputter as rates rise

Barclays Agg quarterly returns vs. 10-year Treasury yield

History points to higher volatility and lower returns

In 2018, volatility is higher and returns are lower

Treasury yields, and Fed fund expectations, decline

Rates move lower across the yield curve

Short-term Treasury yields surpass equity yields, but remain low

Stock dividend yields versus U.S. Treasury yields
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