摩根大通表示，只要美联储加息节奏保持渐进，且加息发生在盈利强劲增长、通胀预期未脱锚的环境下，全球股票市场能够经受住加息冲击。
由米斯拉夫·马泰卡领衔的策略师团队撰文指出，股票与收益率之间的正向关联或将持续，但容错空间正在收窄；当美国10年期国债收益率升至约5%至5.5%时，二者关系转为负相关的风险将会上升。
策略师认为，股市已经消化国债收益率上行，因为本轮收益率抬升由经济活动改善与盈利上调推动，实际利率走高，而非长期通胀预期攀升所致。
团队承认，短期油价走势或将决定风险偏好，季节性因素偏弱，投资者对通胀心存担忧，但不应由此过度推演形势；10月起陆续披露的三季度财报有望安抚市场。
在另一份研报中，由杜布拉夫科·拉科斯-布亚斯带队的摩根大通策略师指出，若美联储开启一轮幅度温和的加息周期，即仅撤销去年的“预防性降息”，股市尚可应对。
但如果通胀再度加速，市场开始计入范围更广的加息周期，股票将面临“显著下行风险”，不过这并非策略师团队的基准情景。
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