Jack Ablin, CIO of Cresset Wealth Advisors. appeared on CNBC’s “Worldwide Exchange” on November 19, 2018 to discuss the impact of rising interest rates on the equity market. He described a decade of financial repression worldwide during which central banks kept interest rates low in order to push people into risky asset classes. Equities, in essence, have been the only child of asset allocators. Jack foresees, however, that as interest rates normalize and bonds regain their footing again this will result in pressure on equities. He believes that if “fair value” for the 10-year Treasury is 4-4.5%, then equity returns are likely to be in the 6-7% range going forward, not the 9-10% range that investors have become used to while monetary policy has been exceedingly loose.