Time to start preparing for the top of this stock market bull run – Telegraph.co.uk

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The Federal Reserve will almost certainly raise interest rates this week, for the third time in seven months. The market will undoubtedly view this as a positive development. Investors will focus on the reason interest rates are rising, the United States’ improving economy, rather than the impact of higher borrowing costs.

They will, in other words, view the glass as half full. In 2013, when the Fed suggested it might start tightening monetary policy, investors took fright. Even the suggestion of higher rates sent markets into a spin, in contrast to their sang-froid today, which has seen the S&P 500 hit ever higher highs, despite the central bank’s squeeze.

As we enter the ninth year of the current bull market, investors are becoming adept at spotting the silver lining within the cloud. They are getting increasingly good at putting a positive spin on any piece of news, however apparently…