No one will really ever know if the Fed’s aggressive quantitative easing program, or QE, was effective. Sure, it’s easy to look back and see where we were at the low points and where we are today, but there’s a big difference between causality and coincidence.

Some may say it was a waste of moneyIs the fear of Fed tightening finally over? and a harbinger of inflation while others make the claim that without QE we’d be in a terrible way. Whichever side of the fence you’re on, is it now safe to say that the fear of QE’s passing has ended?

For the past few years, stocks and bonds walked hand-in-hand. When equities did poorly, so did bonds. Historically, when stocks sink, bond yields fall and when stocks do better, yields rise. Yet stocks seemed to have taken their cue from bond yields. As bonds did well, stocks did also because there was less fear the Fed would end the QE program. Yet the QE program has been history since last October.

Wall Street is now taking cues, at least it appears to be, from factors outside the fear of Fed action. Yields have risen and so far the markets are taking it with the Dow staying above the 18000 level and as of today is now in positive territory for 2015 once again. Up until recently, stocks retreated when it appeared the economy was on the mend. A rate increase, or two, is already priced into the market. That’s evident when you look at current mortgage rates. Just a couple of months ago, buyers could find a 30 year fixed rate at 3.50 percent but now that same note is closer to 4.00.

The economy is doing better, at least that’s the feeling now, and investors are confident enough that a rate increase won’t harm the economy but actually a sign of better things to come.