On how rising rates affect stocks, the article asserts, “the data may surprise you,” adding that Vanguard research does not show a pattern of falling share prices when rates rise. “In fact,” it says, “hiking regimes often take place when the economy is performing strongly, and earnings growth is robust, and therefore stocks tend to perform respectably during those periods.”

The article concludes by noting that although the global interest rate environment is becoming “less accommodative,” the shift doesn’t necessarily support a “tactical tilt toward bonds or stocks. And, at any rate, tilting would amount to trying to time the markets, which research has shown time and again is a strategy that often doesn’t work out well.”

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Related: Fed President: 100% Chance of December Rate Hike is ‘Premature’