Why Interest Rates Matter More Than PSX Earnings

• Bond yields

• Central bank language

• Inflation momentum

PSX prices expectations, not announcements.

11) Practical Framework (Use This)

Before analyzing any PSX stock, answer:

1. Are rates rising, peaking, or falling?

2. Does the sector benefit early or late in the cycle?

3. Is cash flow resilient under current rates?

4. Is valuation assuming relief that hasn’t arrived?

If you can’t answer these, earnings won’t save the thesis.

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