[npkarnik]

No one knows how high interest rates will go. Interest rates are approximately the floor of what a very low risk return on capital looks like, especially for an average citizen. If they approach 7% and stay there as some think is possible, I would expect stocks to keep selling off, especially if public co revenues don't continue to grow rapidly as the economic "slowdown" continues (not worth arguing exactly what constitutes a recession).

[twawaaay]

Whether a given investment is highest return option for your investment does not change with interest rate. So it does not matter how high interest rates will go.

One thing you might be looking at, though, is if high interest rates somehow affect a given business. If a business relies on being able to get a lot of debt readily and cheaply they might be worse option than one that does not.