One week before the Federal Reserve Board’s expected interest rate hike, an economic advisor from Putnam Investments warned that using the history lesson given by previous "tightening cycles" as a guideline might not be a smart move. Investors may not suffer as badly as they expect.

Dr. David Kelly said that typically, the Fed’s "first tightening" in the cycle is not preceded by long-term interest rate hikes. But, over the past three months, he points out that 10-year treasury yields have inflated by a whole percentage point, the most drastic rise in pre-tightening cycle long-term interest rates in the last 50 years.

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