Investors Are Leaving Stocks for the Allure of Risk-Free Payouts in Bonds
- Bonds are most attractively valued against stocks since 2004
- Stock volatility edges up as inflows into the asset class ease
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Volatility in the world’s biggest bond market has finally caught the attention of investors on Wall Street who’ve been plunging into stocks all year.
A Treasury rout that pushed 10-year yields close to the highest since 2007 has spurred what is now the biggest break in an $8 trillion equity rally that had sent the Nasdaq 100 up as much as 45% in 2023. Major US benchmarks just slid in a third straight week for the first time since December.