Suppose I use the US data and find that unanticipated increase in the interest rate reduces the stock prices. Then, do I conclude "Based on the US data, unanticipated increase in the interest rate reduces the stock prices" or "Unanticipated increase in the interest rate reduces the stock prices in the US". The former suggests that this is true for all the countries according to the US data and the latter suggests that this is true strictly for the US (or is it at least for the US?).
It seems like latter.
Any help would greatly be appreciated. Also, if the question does not make sense, I would be happy to reword.
Thank you in advance!