At MM we often talk about bond yields driving equities with the acceleration higher by US tech since March, as bond yields continued to slip lower, illustrating perfectly that growth stocks historically revel in low interest rate environments. However we believe bond yields are close to an inflection point which implies things are about to reverse.
MM believes tech is approaching a period of underperformance
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US NASDAQ 100 Index v US 10-year Bond Yields
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US NASDAQ 100 Index v US 10-year Bond Yields
