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Interest rates are rising around the world. Last Thursday, April 13, the yield on 10-year U.S. Treasury notes closed at 5.05%. This was the first time in four years that the yield exceeded 5%. Moreover, short-term interest rates in the U.S. are also going up: The federal funds rate (or the interest rate at which banks provide overnight loans to one another) has risen to 4.75% from some 1% a few years ago. In Europe and Japan, stock prices have been falling last week and this week because of concerns that rising interest rates and higher oil prices will affect corporate earnings. What will this mean for the U.S. stock market and the economy? To answer this question, Robbie Shell, editorial director of Knowledge@Wharton, and Mukul Pandya, editor-in-chief, talked with Wharton finance professor Jeremy Siegel, author of the book, The Future for Investors.
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