Dollar extends decline as risk appetite favors equities
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February 22, 2021Long-term Treasury yields advance into pre-pandemic levels, with the 10-year at 1.357% ahead of this week’s hearings by Fed Chairman Powell in Washington. “The yield curve and rising commodity prices are nearing uncomfortable levels of investors’ concerns raising the odds of a market pullback,” Spartan’s Peter Cardillo says. Analysts have diverged about the impact of rising yields on stock prices, as the 10-year remains in negative territory if inflation forecasts are taken into account. Meanwhile, the 30-year bond is already ahead of the equivalent inflation outlook.