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Stocks Defying Bond-Market Danger Put Wall Street On Notice

  • Risk assets rally even as Treasuries signal bad economic news
  • Plenty of pain thresholds seen as the discount rate rises anew
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El-Erian Says Markets Have 'Run Away' From the Fed

The steepest bond selloff in history, Europe’s first land war between two sovereign states since 1945, a Federal Reserve tightening into a possible growth slowdown. Oh, and U.S. inflation still near a four-decade high.

For all the threats out there, stocks this week were barely feeling the fear as developed world markets rallied back to levels seen before Russia’s invasion of Ukraine a month ago. That’s even as Treasury yields broke out anew and key sections of the bond curve signaled economic trouble.