Thornburg Investment Management Jeff Klingelhofer and Rob Costello in MarketWatch

Investors kissed the era of cheap money goodbye. Now what?

Goodbye, cheap money. And good riddance.

The era of extremely low interest rates has faded further into the rearview mirror as the Federal Reserve continued a series of interest rate hikes that began in March 2022. This year saw returns on cash and short-term instruments hit levels that really became attractive to investors, who found they could earn 5% in a money-market fund or near that in a bond fund.

In other words, stocks faced real competition.

That served to drive home the end of what investors had come to known as “TINA” — an acronym for “there is no alternative” to equities.

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