Complex markets can be difficult to decipher. We provide investment professionals and their clients with a global perspective to help explain the issues and trends affecting their portfolios.
As we look into 2021 and beyond, we think global policymaking will be less governed by the latest political victory than by the realities of massive sovereign deficits, shifting demographics, and environmental conditions. COVID-19 has only accelerated this climate of change and the need for prescriptive solutions and investment.
With rising US Treasury yields, many investors have wondered about the risk to equity markets. Historically, the speed and underlying drivers of an increase in yields have mattered more than their level, as stocks are able to digest increases that are < 2 standard deviations within a month (~36 bps today). An improving macro backdrop and low base may also contribute to current equity resilience.
Source: Bloomberg and GSAM. As of February 7, 2021.
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