With Treasury rates backing upward 1 time again, we've seen a major reversal inwards stocks, alongside Consumer Discretionary shares (XLY; bottom chart) leading the downside. As noted yesterday, this is a epitome shift; where ascent rates had been a well for you lot sign of ask a opportunity appetite before (exiting Treasuries, buying riskier assets), instantly those soaring rates are viewed equally a threat to the consumer together with the prospects for economical recovery, non to the lowest degree because of their threat to housing (XHB; function past times chart).
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