The fate of an early year rally in stocks may depend on whether equities can withstand a recent rise in U.S. Treasury yields, as investors increasingly come around to the Federal Reserve’s higher-for-longer mantra on interest rates. Yields, which move inversely to prices, fell to start the year, after hitting the highest level in more than a decade in late 2022. They have shot higher in recent days, however, following a strong U.S.
Forecasting geopolitical trends is not an exact science, especially when it comes to China – the recent downing of a suspected spy balloon over the U.S. providing a case in point. But no one can question the clarity of China’s pivot on COVID policy.
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