Christopher Wood, global head of equity strategy at Jefferies in his weekly note to investors, GREED & fear says The interesting point about the meeting of the American central bank this week is that the official statement exhibited little to no concern about the 67bp rise in the 10-year Treasury bond yield since the last FOMC meeting on 27 January . The message conveyed is that this is a signal of a strengthening economy, not rising inflation concerns . This, in GREED & fear’s view, is a reason to stick with the current recommended trade here, namely to be long cyclical stocks and short Treasury bonds. For if there is going to be a tapering scare, and the more bond yields rise the more it will amount to the markets testing the Fed, it is likely to come after Treasuries have sold off more and cyclical stocks have rallied more. In the meantime there is no sign for now of the policy that could short circuit that dynamic, namely yield curve control.
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