AI explains why US equities are largely indifferent to bonds
Today’s big retreat in long-dated Treasury yields, triggered by the news of a doubling of liquidity support, gave the S&P 500 a fillip after a prior slump in bonds had begun to take a toll on the stock market. Stepping back, though, the big picture is that Treasuries have played second fiddle to AI in influencing the S&P 500 in recent years. And that’s likely to remain the case for a while.
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