Historically, bond yields have closely tracked nominal economic growth. (humbledollar.com)
Indeed, because the level of interest rates at any point in time is highly correlated with the level of nominal economic growth over the preceding decade, the relationship between starting valuations and actual subsequent S&P 500 nominal total returns is nearly independent of interest rates. (hussmanfunds.com)
Interest rates and nominal economic growth rates tend to move in tandem, so their competing effects on «justified» valuations generally cancel out. (hussmanfunds.com)