Morgan Stanley's strategists see even more outperformance in stocks that behave like bonds, as yields continue to recede on weak economic outlooks.
Bond yields from around the world have staged a dramatic downshift in recent weeks following the Federal Reserve's March decision to hold interest rates steady. Chairman Jerome Powell also detailed the central bank's reduced outlook on American production, described tame inflation and suggested that it may not have to raise rates in 2019.
Though the Fed has yet to telegraph rate cuts, investors flooded the bond market, pushing down long-term debt yields. Though Treasurys have long been considered a safer alternative to stocks in times of economic trouble, diminished inflation expectations also buoy bond prices. Inflation threatens bond prices as rising costs chip away at the value of fixed payouts.
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