S&P 500 Vs UST10Y Divergence - 20 years timeframe analysis

In the past 2 interest rate cycle, after UST10Y peaked and went down, it came down together with S&P500 bear market.

At this current cycle, it's totally different with big divergence. UST10Y came down for more than a percent while S&P still keep breaking new high amid monetary stimulus.
Technical IndicatorsS&P 500 (SPX500)

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