The last few months have been all about inflation and bond yields as far as equities are concerned with the awful Omicron strain hardly warranting a mention. Overnight we saw US 10-year bonds start to venture towards the psychological 2% level before reversing lower, time for a rest at the very least in our opinion.
- MM is looking for US 10-year yields to pullback towards the 1.5 / 1.25% area.
If we are correct the likelihood is the aggressive stock / sector rotation we’ve seen unfold over recent months will reverse at least to some degree as the crowd is undoubtedly positioned for higher inflation / interest rates.
MM believes US 10-year yields will falter at current levels
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