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There is no alternative to stocks simply because rates are so low, close to zero, and stocks were the only place you could get a return over the past few years.
There have been many times in the past ten years where the S&P 500 has yielded nearly 2%, while the 10-year US Treasury note has yielded but 50-75 basis points.
I do not believe a move to 1.5%, 2% or even 2.5% will change this equation.