, Columnist
Why Markets Have That Risk-on Feeling Again
The commodity spike looks (mostly) over, bubbles have deflated, and a few other reasons markets are finding their pre-war levels — or better.
Wondering how the market can possibly be rallying?
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
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It is approaching a month since the Russian invasion of Ukraine started to dominate all thoughts and all discourse. And if you look at the markets, it appears as though it’s safe to take risk again and the worst is over. U.S. stocks are now comfortably higher than they were at the point of the invasion, while bond yields have risen to significant new highs after a brief flight to safety: