Bassanese Bites: Move carefully – December 04 2023
Global markets
Global equities were up for the fifth week in a row as the remarkable bond rally continued. US 10-year bond yields dropped a lazy 0.27% to 4.2%, with markets getting very excited about potential Fed rate cuts next year. Importantly, this growing expectation does not reflect fears over economic growth – but continued encouraging US disinflation. Happy days!
It’s perhaps not surprising therefore that the S&P 500 lifted another 0.8% last week to reach a new high for the year and recover all of the losses since the late-July, bond yield driven, correction began.
