A furious plunge in Treasury yields is reverberating through global financial markets, propelling shares of fast-growing tech companies to new records and driving down corporate borrowing costs.
An investor consensus that took months to build, namely that robust economic growth and elevated inflation would bring about substantially higher interest rates, has been coming apart, and the pain for those caught in that trade has heightened with moves in the past couple of days.
Across Wall Street, investors are suddenly being forced to think how to reposition against the backdrop of what Jim Caron, a portfolio manager at Morgan Stanley Investment Management, has described as a “peak in growth, a peak in inflation and a peak in policy stimulus”.
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