{"id":69043,"date":"2023-10-05T11:10:13","date_gmt":"2023-10-05T15:10:13","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/the-chart-that-has-one-strategist-convinced-bond-market-is-divorced-from-fundamentals\/"},"modified":"2023-10-05T11:10:16","modified_gmt":"2023-10-05T15:10:16","slug":"the-chart-that-has-one-strategist-convinced-bond-market-is-divorced-from-fundamentals","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=69043","title":{"rendered":"The chart that has one strategist convinced bond market is divorced from fundamentals"},"content":{"rendered":"
\n

Tom Lee, head of research at Fundstrat, is well-known as a stock-market bull. And here\u2019s one chart that he just can\u2019t get his around.<\/p>\n

It\u2019s of 10-year yields around the world. The yield in the U.S.
\n BX:TMUBMUSD10Y
\n is higher than even Greece\u2019s
\n BX:TMBMKGR-10Y,<\/span>
\n which admittedly has made strides in reducing its debt burden but still has a worse credit rating than the U.S.<\/p>\n

\n

Lee appended further \u201cwut\u201d tags to the bonds of Spain
\n BX:TMBMKES-10Y,<\/span>
\n Germany
\n BX:TMBMKDE-10Y
\n and Japan
\n BX:TMBMKJP-10Y.<\/span>\n <\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

Inflation is higher in Germany, Spain and Greece than in the U.S., and Japan isn\u2019t far behind. Lee adds that the U.S. also doesn\u2019t have a currency that is riskier to justify the yield difference.<\/p>\n

\u201cMaybe this is another example of how there\u2019s been a lot of momentum pushing yields higher, but it may be divorced from fundamentals,\u201d he said in a video message.<\/p>\n

Lee did add that it doesn\u2019t necessarily mean that things will change next week.<\/p>\n

There are of course other reasons why U.S. yields are higher. In Japan\u2019s case, the central bank there is still buying debt, while the Federal Reserve is shrinking its balance sheet. Germany has a much smaller debt burden relative to the size of its economy than the U.S.<\/p>\n

The S&P 500
\n SPX
\n has gained 11% this year, but has declined by 7% from its late July peak.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Tom Lee, head of research at Fundstrat, is well-known as a stock-market bull. And here\u2019s one chart that he just can\u2019t get his around. It\u2019s of 10-year yields around the world. The yield in the U.S. BX:TMUBMUSD10Y is higher than even Greece\u2019s BX:TMBMKGR-10Y, which admittedly has made strides in reducing its debt burden but still […]<\/p>\n","protected":false},"author":1,"featured_media":69044,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-69043","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nThe chart that has one strategist convinced bond market is divorced from fundamentals | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Tom Lee, head of research at Fundstrat, is well-known as a stock-market bull. 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