Turning away from tech as yields push higher
Tuesday 9th March 2021Us Treasury yields pushed…
NAB Morning Call · NAB - The Morning Call
March 8, 202113m 5s
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Show Notes
Tuesday 9th March 2021Us Treasury yields pushed steadily higher overnight, reaching 1.6 percent for 10 year Treasuries. These higher rates have loosened the appetite for tech stocks in the US and Europe, with the NASDAQ falling further. NAB’s Rodrigo Catril says the speed of the rise in bond yields has taken markets by surprise, and a period of consolidation seems reasonable, particularly as the injection of the $1.9 trillion stimulus, which has prompted the rise, has been expected for some time. The Aussie dollar has been impacted, along with EM currencies. The Bank of England’s Andrew Bailey is perhaps the first central bank governor to highlight that an inflation fuelled rate rise is as much a risk as having to lower rates if the recovery is slower than anticipated. Talk about an each way bet!
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