Stocks and bonds sold off after Federal Reserve Chairman Jerome H. Powell underwhelmed markets by refraining from pushing back more forcefully against the recent spike in Treasury yields.
The recent spike in Treasury yields has roiled global markets, triggering fears about elevated stock valuations after a torrid surge of more than 70% from the depths of the pandemic. While equity bulls have decided to view the surge in bond rates as a sign of economic strength that could lift corporate profits, there’s been mounting concern over a potential pickup in consumer prices.
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