Major averages pulled back this week on fears rates could remain higher for longer. Makes sense – with the US 10-year above 4.25% – that’s a reasonable assumption. But here’s the thing: get used to it. Whilst rates might feel ‘tighter’… rates are still not historically high. Not even close. What was not normal was rates being artificially suppressed to near zero for 15 years. And that might prove to be a difficult adjustment for some people. So where to from here? The honest answer is none of us know. What follows are some of the assumptions being made; and perhaps gaps in the market’s thinking… it starts by asking quality questions.