Our view towards US and global bond yields hasn’t changed short-term i.e. the markets got itself very long and a short-term washout to the downside feels a strong possibility, one we remain keen to buy for all the fundamental reasons mentioned above. Hence at this stage as we’ve discussed through recent reports we believe IT stocks will outperform the resources but this rotation should again revert if / when bond yields finish their period of consolidation – bigger picture we believe US 10-year yields will be above 2% in 2022.
MM is a keen buyer of a pullback in US Bond yields
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