"Our equity prices now mostly represent central bank interest rates." What are you talking about?. I fear you may be confusing the Fixed Income market with the

"Our equity prices now mostly represent central bank interest rates." What are you talking about?. I fear you may be confusing the Fixed Income market with the Equity market. Equities (in general, as a class), are negatively correlated with interest rates. Specific sectors though (e.g. Banks) may be more positively correlated to interest rates - but overall, the link is tenuous, at best.