Highlights
- The 40-year secular bull market in bonds ended in 2020 when 10-year sovereign bonds persistently traded with negative yields.
- The narrative of "lower for longer" took hold just before the bond market experienced one of its worst bear markets in history.
- Now, US 10-year treasury yields are threatening to break above the critical level of 5.0%, sparking concerns about what that would mean for stocks.
- With the Risk Gauge in 'Risk On', and inflation expectations safely in the equity. . .
