This level of pedantry is not conducive to healthy conversation. It’s quite clear from my post what I meant: that markets react to emotions, not to the underlying facts. Those facts often drive emotions.

I believe you also understood precisely what I meant, and are trying to form a “gotcha.”

I’ve lost the plot on your point here. That interest rates impact spending and corporate decisions is verifiable fact, using the ever-elusive scientific method which you’ve so helpfully educated me about. If you truly believe in this method, I’d suggest you exercise it and watch how interest rate changes shift economies and markets every time they happen in history. It just so happens to be precisely the exact reason why the Fed moves them in the first place. It was widely discussed when rates began rising that the impact would likely be an increase in unemployment. The Fed specifically addressed this point, and stated that while it was not an explicit goal to increase it in this case, it may happen.