Will Higher Rates Ever Matter For Big Business Bottom Lines?

Here's an idea: Equities have already priced in the drag from a higher cost of debt. One pillar of cautious commentary around the prospects for stocks is the notion that eventually, higher rates will bite corporates. Last year, the largest US companies were insulated from higher borrowing costs by the aggressive terming out of debt profiles in 2020 and 2021. (If only Treasury had done the same.) This is a familiar tale. Creditworthy corporate heavyweights amassed sizable cash piles at very fa