Will stocks rally if Fed pauses interest-rate hikes? Here’s what data says.

Stock-market investors may be hoping the Federal Reserve will soon pause its interest rate hikes, delivering rate cuts before year-end, but history shows that such a shift doesn’t guarantee a stock-market rally, according to Wall Street veteran David Rosenberg.

Rosenberg, former chief North American economist at Merrill Lynch and now president of Toronto-based Rosenberg Research, noted that since 1950, 11 out of 14 rate-hike cycles ended in recessions.

Based…