Macro matters | Equity markets have been telling the wrong story

Tuesday the S&P 500 finished down 0.8% and is now over 5% lower than its recent high on April 30th, and the 10-year U.S. Treasury tested below 2.22%, the lowest since September 2017 and a full 100 bps down from its peak in early November 2018. Clearly, global growth concerns are weighing on bond markets. All year they’ve been flashing warning signs that have largely been ignored by equity investors whose optimism was buoyed by the altered Fed landscape.
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