Bond yields have undoubtedly been the driver of sector rotation through October / November but while the shorter end bonds look poised to make fresh 2021 highs into Christmas their upside momentum is slowing. The recent consolidation by yields appears to have helped the NASDAQ regain some of its “mojo” – its even managed to absorb a 20% plunge by sentiment driver Tesla (TSLA US).
MM remains mildly bullish US bond yields
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