US bond yields continue to consolidate close to both their 2021 and 2-year highs, no surprise to MM although they are a tad higher than we called a few weeks ago. Stocks have confirmed our supposition that it was the speed of their ascent as opposed to the actual level reached that rattled growth names such as XRO. At this stage, another test higher remains a possibility before ongoing further calm ensues but we see US yields below 1.5% this quarter which remains good for growth names but a definite headwind for banks and other value names.
MM is bullish bond yields medium term
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