10-yr US treasury yield at 3.23. Is it so bad ? The higher yield may be interpreted as a response to high US growth and the overall market PE will still be seen as attractive. But if the move is sudden & steep then , the speed of move may hurt badly the SP500 as we can see below. Since 1965, when the interest rate change z-score >2 (meaning a sharp move), the SP500 monthly returns go negative. Keep in mind!

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