Stock market outlook: rates to re-emerge as threat to stocks, BofA says

However, in a note to clients on Tuesday, Bank of America analysts warn:"US rates climbing close to last year's highs may pose an underpriced risk for the equity market."

"Higher yields were a major driver of S&P downside in 2022, but the market's sensitivity to rates seemed to weaken this year. At least until recently," they added, noting that the correlation between the benchmark index andThe Fed has tightened by 525 basis points over the past 17 months in a bid to clamp down on inflation.

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