In Hull's book 'Options, Futures and Other derivatives', author said that when price of underlying asset S is strongly positively correlated with the interest rate, future price is slightly larger than forward price for same contract.
I understand his description under that assumption.
Then, in a real world, Is forward price for stock or bond larger than future price for the same underlying asset if two contracts are equal?
It's because as far as I know, bond price or stock price both are in general negatively correlated with interest rate.
Am I right?
(Actually, I think most investment assets are negatively correlated with interest rate, because people will take more risk to get an extra income when interest rate is low.)