TheBitcoinManual on Nostr: Can someone explain to me like i'm 5, why the S&P500 is near all time highs when we ...

Can someone explain to me like i'm 5, why the S&P500 is near all time highs when we have decade high interest rates? I thought increased interest rates means value of future earnings looks less attractive versus bonds

Is there something I am missing or is this legit a repricing of the stock market due to increased money supply?

I mean adjusted for inflation we're still like12% off 2021 ATH right?