Stocks have been on a tear since last October’s lows, when the narrative around inflation began to tilt toward a Fed rate hike pause or even a reversal. CPI had fallen from 9.06 to 7.75 and, thanks to falling oil/gas prices, was on its way lower.
Interest rates paid attention, too. The 10Y, which had topped out at 4.33% on Oct 21, began zigzagging lower, reaching 3.25 by Apr 6. Even when it rebounded, it managed to hold to a falling trend line from October. So, what does it mean now that the 10Y has broken out?
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