Charting My Interruption (CMI): “With rising rates, think ‘rotate’, not ‘exit’.”

With the US 10yr yield moving higher once again, we want to stay in front of the impulse to conclude that this is necessarily bearish for stocks. Especially since stocks have been weak of late. In Figure 1, we point out how the 63 day correlation between rates and the S&P (lower panel) has endured two dominant regimes since the mid-1970s: negative during. . .

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