Surely, with the Fed stance turning hawkish, the bull market has ended, but for those who see the bull market as seen in 2020-21. But going by the meaning of the bull market as a phase where asset prices are expected to rise by 20 percent or more, it continues.
As normalcy & growth came back, the recent Fed monetary policy stance turned hawkish as focus tilted to control inflation over growth, and this lead to the expectation of rise in interest rates, which in turn led to rise in bond yields. Since bond yields act as discount rate for valuations, rise in bond yields led to fall in valuations especially where prices had moved much ahead of earnings and this may continue for such businesses where earnings don’t support. So, markets now become selective and it’s important for investors to be informed & intelligent.
