A Treasury rout that pushed 10-year yields close to the highest since 2007 has spurred what is now the biggest break in an $8 trillion equity rally that had sent the Nasdaq 100 up as much as 45% in 2023. Major US benchmarks just slid in a third straight week for the first time since December.
That’s chasing a growing number of investors away from shares. One is Ulrich Urbahn, Berenberg’s head of multi-asset strategy, who has been buying fixed income to lock in high yields while gradually decreasing equity exposure. Whatever they portend, lots of people see rates going higher. Bank of America Corp. warned in a note of a “5% world,” echoing comments from Pimco founder Bill Gross and former Treasury Secretary Larry Summers, who estimate the 10-year could advance to 4.5% and 4.75% respectively.
“We are seeing signs that equity investors are recognizing the outlook is not as sanguine as markets previously believed,” said Michael O’Rourke, chief market strategist at JonesTrading. “A further selloff in bonds should foster a larger equity correction as investor should demand a larger risk premium to own equities.”
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