Both, equities and fixed income finished an unsettled week, as all eyes were on interest rates. Bonds were bleeding across the spectrum and bond volatility spiked to the highest level since April, which eventually spilled over to all asset classes. Yields are marching up from their historical lows, over the last two months, or better to say that, yields “are higher”
but not “high”, in our view. Investors are pricing in a rapid V shape recovery with inflation in the picture, which could force central banks to raise the rates….
