[nknealk]

In most financial models, the return investors demand on risky assets like stocks depends on the opportunity cost of the risk free rate [eg 1]. As the risk free rate goes up, the return investors expect on risky assets also goes up which pushes their price down.

[1] https://www.investopedia.com/terms/c/capm.asp

[mg]

Yes. And I am questioning whether those models make sense.

Maybe they are from before 2008 when printing money was considered a "slight background noise" and not a doubling every few years like we see now?

https://fred.stlouisfed.org/series/BOGMBASE