Who’ll Buy Equities In 2024?

Market participants are understandably concerned about what many argue is a burgeoning supply/demand imbalance in the US Treasury market. The worry, in a nutshell, is that the buyer base is increasingly composed of price-sensitive investors (as opposed to "price-agnostic" buyers like the Fed) and that'll invariably mean higher yields (i.e., higher borrowing costs for the US government). We don't talk about it as much, but there's also a supply-demand story in the equity market. The stalwart bu