© Reuters. FILE PHOTO: Traders work on the floor at the New York Stock Exchange in New York City, U.S., October 26, 2023. REUTERS/Brendan McDermid
The third-quarter earnings season underway shows profit growth of around 5%, while the bullish 2024 outlook has held up firmly - analysts are still penciling in earnings growth of around 12%. Slicing the data in a slightly different way, Cox calculates that there have been 50 three-month periods since 1962 where the 10-year yield has risen half a percentage point or more, including the August-October period this year.