to the editor  like nicholas jasinski i don’t expect to see the explosive growth in the stock market that we had in the two years or so prior to november 2021 “turbulent times are here to stay how to invest for the next decade” cover story sept 29 i doubt that the federal reserve is ever going to drop interest rates to zero again so there is no reason for everyone to eschew all fixedrate instruments in favor of stocks instead i see a normal rate of 3 to 45 and stock market growth that will be far more subdued in fact i think stocks still have a way to go before the excesses of this past bull run have been wrung out—that is until their fundamentals have come back down to earth as the fed tightens and the economy contracts the place to be is in cash when the tightening ends i would consider companies selling necessary goods while waiting for some sign of a turnaround in the economy before returning in baby steps to growth stocks i would also consider some fixedrate instruments when the fed stops tightening