Higher bond yields in focus; growth - value stock rotation continues

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Published Mar 22, 2021

• The focus this past week was on the US Federal Open Market Committee (FOMC) interest rate decision, statement and press conference, with a still very dovish stance emphasised again.
• However, a slight shift in the dot plot chart towards a possibly earlier than expected rate hike in 2022 from some members eventually saw a surge back higher for US Treasury yields (and also for global yields), notably at the longer end of yield curves
• This further highlight inflationary concerns, given ultra-easy monetary policy and the expansive fiscal policy globally, highlighted by the US passing the $1.9 trillion economic relief bill
• This continues to see value stocks pushing higher whilst growth stocks continue to lag and push lower, due to inflation and higher interest rate worries.
• The European vaccination program has resumed after some questioning of the Astra Zeneca vaccine, but continues to lag behind the rollouts in the US and the UK.
• The number of cases, hospitalisations and deaths in the UK continues to fall.
• But cases in some parts of Europe are on the rise again, which has seen France join Italy with moves to another lockdown
• Concerns are that other European nations may also be poised to reintroduce more rigorous measures.

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Higher bond yields in focus; growth - value stock rotation continues

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