Stock prices have fallen recently as inflation and interest rates have increased. This paper assesses how changes in monetary policy affect stock prices through a high-frequency approach across a panel of nine developed countries and the eurozone and accounting for changes in interest rates across the yield curve. It finds that a 1 basis point increase in the five-year interest rate due to monetary policy changes lowers stock prices by 3.56 basis points. Movements in the short-term part of the yield curve drive the relationship. The paper estimates the degree to which increases in interest rates have lowered stock prices in recent months and how much further they could fall if rates continue to rise. It also shows that the current economic environment could strengthen this relationship.