What Goes Around Comes Around

The term premium's almost positive again. Stop press, I know. The term premium's like The Masters: Hugely important, but highly conducive to drowsiness if you engage with it from a comfortable chair in the afternoon. R-star's in the same category. I bring it up because some strategists are drawing a parallel between April of 2024 and August of 2023, where that means equities are suddenly aware of a re-pricing in rates which threatens to push bond yields to cycle highs. Back then (i.e., last