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David Clewell, portfolio manager for multi-asset global income strategy at T. Rowe Price, believes there is a credible case for the U.S. 10-year Treasury yield to reach 6.0%. He notes that the 5% level has been an important psychological threshold, marking the upper end of the range since the post-Covid period.
Income investors have spent much of the past month dealing with a market that refuses to make life simple. Equities remain resilient, but they are also increasingly concentrated in a handful of large technology companies. Credit markets remain open and broadly functional, but the easy money has been made in many of the
Markets repriced after Kevin Warsh’s Jackson Hole remarks, with September Fed hike odds rising to 66.4% from roughly 36%. The two-year Treasury yield, dollar, gold, S&P 500 and TLT all moved on the shift.