Dimensional Fund Advisors recently released a study on how interest rates have historically affected equity returns. The data used in the study spanned back over 55 years and compared changes in short and long term interest rates to monthly equity returns. The following video reveals that there in no clear correlation between the two.

The key takeaways from the video are:

There is no clear correlation between changes in interest rates and equity market returns.

Even if you knew exactly where short term and long term interest rates were headed (which is impossible), it would give you no measurable advantage in predicting future equity market returns.