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Chart of the Week
With rising US Treasury yields, many investors have wondered about the risk to equity markets. Historically, the speed and underlying drivers of an increase in yields have mattered more than their level, as stocks are able to digest increases that are < 2 standard deviations within a month (~36 bps today). An improving macro backdrop and low base may also contribute to current equity resilience.
Source: Bloomberg and GSAM. As of February 7, 2021.