BEWARE of interest rate hikes long rally this year. The United States’ Federal Reserve just started it last week, by raising the Fed Fund Rate from 0.25 percent to 0.5 percent. This time, the global financial markets reacted calmly. It has long been anticipated and priced in.

However, that was only the first of many more hikes to come. The Fed has sent a new signal that there will be six more rate hikes until the end of this year, wit