JPMorgan Warns Of Summer Selloff Redux

Headed into this month, investors were running higher stock exposure than they were last summer, the last time a sharp selloff in bonds pulled the rug from beneath a buoyant equity market. That's according to JPMorgan's Nikolaos Panigirtzoglou who, in his latest, warned that "as two-year Treasury yields consolidate around 5%," stocks could get spooked once it dawns on market participants that the risks from "higher for long" rates go beyond multiple compression. As Morgan Stanley's Mike Wilson