Interest Rates / bond yields

After falling for 6-months major bond yields have been edging high over recent weeks and at MM we believe they are looking for a low, one that should drive relative equity performance moving forward.

• As we so often say markets lead fundamentals by at least 6-months and this has been evident with the bond market picking the increasing economic concerns since February.
• Short-term bond yields feel 50-50 as to whether they have indeed found their low but as we said MM believes they either have, or it’s close at hand.