Chris Osmond says the recent fall in the 10 year Treasury yield was due to large intuitional short covering after a lucrative year to date successful one sided position. From here, Chris thinks the yields will pause in the short term due to the fiscal stimulus impact which may fade. Over the intermediate term, traders in fixed income will revaluate growth expectations after further economic data. The range or real negative yields are on the low side pre pandemic, so Chris thinks nominal yields could certainly inch higher for here. Yields rising for the right reasons such as economic growth and not for bad reasons like inflation, is healthy for equity markets.
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