Not so long ago, a higher 10-year TIPS yield almost invariably meant an underperformance of US “growth” stocks vis-à-vis their “value” peers, a lower gold price, and a stronger dollar. That’s changed in 2023, though, with the relationships weakening significantly. Why, and what are the implications?
In view of the wider interest, we are also sending this Global Markets Update to clients of our Asset Allocation, FX Markets, Commodities Overview, and Metals services.
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