Higher Rates Are Already Doing Damage. Stocks Haven’t Reacted Yet

September 29, 2026 — Interest rates have moved sharply higher, but the stock market still appears remarkably calm. Zach Abraham argues that underneath the headline indexes, the damage from higher borrowing costs is already showing up.

Zach breaks down why higher rates matter far beyond the bond market — from housing and commercial real estate to refinancing costs, private equity, private credit and corporate cash flows. His concern isn’t that every one of those areas is about to collapse. It’s that higher financing costs mechanically reduce asset values and put pressure on businesses even when the stock market doesn’t immediately reflect it.

He also discusses weak market breadth, volatility, precious metals, energy and why he believes today’s markets may be taking much longer than usual to incorporate major changes in the macro environment.

FREE LIVE WEBINAR — THE GAME PLAN

Join Zach Abraham live October 1 at 3:30 PM Pacific for The Game Plan — a free webinar on inflation, interest rates, energy, AI spending and the market risks investors should be watching next.
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