Bonds go fourth

Bonds go fourth

Tim Rocks Tim Rocks

Tim Rocks

Chief Investment Officer at Evans & Partners

发布日期: 2023年3月3日
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Bond yields are clearly on the move as deflation is proving transitory.?But the equity market has been slow to react so far

One major implication is for PEs of growthy sectors.?The chart below shows the link between Australian Tech companies and the 10 year rate.?Further rate rises have some obvious implications.


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Investors have been quick to rush back into growth areas this year.?The dispersion between growth and value has opened up again recently.?The widening was overwhelmingly driven by easy money and I assume that this gap will be fully closed by the time central banks are done.

#macro #economics #research #investments

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