[morpheous]

"Our equity prices now mostly represent central bank interest rates."

What are you talking about?. I fear you may be confusing the Fixed Income market with the Equity market.

Equities (in general, as a class), are negatively correlated with interest rates. Specific sectors though (e.g. Banks) may be more positively correlated to interest rates - but overall, the link is tenuous, at best.

[VLM]

"Equities (in general, as a class), are negatively correlated with interest rates."

We're not disagreeing, although I was less clear than your line above.