The link is broken. Pre-1990s is a different universe. Population levels, structure of economy, wealth distribution, oil dependency… I can’t count the number of ways in which you would need to control for confounding variables.

Our economy today is extremely real estate centric, with record household debt ratios. It is extremely counter-intuitive to me that asset prices would resist a directionally different interest rate environment.

The better view in my opinion is not that interest rate increases don’t matter, but rather that a reversal in interest rate expectations is unlikely. We may be permanently stuck in a relatively low interest rate environment and any increases will be relatively negligible or short lived.