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Bond-Stock Waltz Is Drunken Tango In 2023
When set against another day of bear steepening in the US curve, Monday's Nasdaq rally looked somewhat awkward. Or maybe it just marked the return of the 2023 zeitgeist.
Until August, this year was defined by a disconnect between big-tech and bond yields, which rose together in counterintuitive fashion.
Long-duration equities aren't supposed to rally in the face of stubbornly high yields. The Nasdaq 100's performance (up ~40% at the highs) in the face of persistently elevated US real rates st
Normallly one might assume that banks would benefit substantially from a rise in interest rates, but they are getting clobbered by the hangover from SVB and rating agencies’ downgrades. What other sectors would benefit from higher interest rates?