Finally, keep an eye on the relationship between bond yields and stock prices. As shown below, for about three decades between the late-1960s and late-1990s, there was nearly always an inverse relationship. That era was defined by an "inflationary backdrop" such that when bond yields were rising, it was typically because of rising inflation risk—negative, in general, for stocks. Conversely, in the subsequent two decades starting around 2000, the correlation was mostly positive. It was an era defined by the "great moderation" (in inflation/rates), such that when bond yields were rising, it was typically because of improving growth, not a budding inflation problem—positive, in general, for stocks.