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Don’t Expect Big Returns From the Stock Market Next Year as Interest Rates Rise

For investors, this has been a year like no other. Stocks soared, bonds slumped, Bitcoin went bonkers—on the upside and down—and nonfungible tokens became a head-scratching asset class, after an NFT of a digital collage by an artist known as Beeple sold at auction for $69 million. By our math, that equates to 339 times the annual salary of the chairman of the Federal Reserve, which flooded the pandemic-plagued U.S. economy with trillions of dollars in stimulus over the past two years, inflating the price of numerous assets.

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