After a strong start to the year, the past several weeks have given way to outsize market swings as a rise in rates for benchmark Treasurys makes highflying, speculative investments that prospered at the onset of the COVID pandemic in the U.S. look awfully pricey.
The rise in rates has been blamed for a violent rotation out of highflying growth stocks into more cyclical, value-oriented names. 1. Washington is moving forward with passing a large fiscal relief package, and Treasury Secretary Janet Yellen has made a forceful case for it.3. U.S. economy is reopening and economic momentum is strong — so strong, JPMorgan’s Chief Economist, Bruce Kasman, says the U.S. V-shape recovery will soon surpass China. Wow.
5. Millennials are steadily allocating assets toward equities, and the surge in retail brokerage account openings is evidence of this.
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