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Interesting price action on Wall Street last night with bonds rising and stocks falling, a dynamic we have not seen much of over 2022. I expect this traditional relationship to reassert itself over the next six months as inflation falls take down corporate earnings and yields.
But are we there yet? I am doubtful and still expect another Fed rug pull with another yield spike first.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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