One of the things that is so interesting is this contrast not only between the equity market and rates, but also between the internals of the equity market and rates. Of course, we know that stocks are at all-time highs, but even within the equity market, we are seeing a pretty broad outperformance of cyclically sensitive assets. This is as the bond market has a 10y U.S. Treasury Yield below 1.50% and real yields in the 30y part of the curve making new lows.
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