Garry Laurence from Perpetual recent shared an interesting chart, originally created by Jonathan Garner from Morgan Stanley. The chart shows how global equity markets perform after a second interest rate hike by the US Federal Reserve. "Interestingly valuations don't change after one interest rate hike, but after the second interest rate hike, valuations come down significantly. I expect this to be the case again and feel comfortable investing in lower multiple stocks... Since the 1970s, the Federal Reserve hasn’t waited more than twelve months between interest rate hikes. So if history is a guide, we should get another rate hike by December this year," Laurence said.