This economist said the bond market isn’t yet prepared, and neither is the stock market. The end result for equities? “Eventually a serious compression in multiples.'
As the signals from the Federal Reserve become louder and louder that interest rates will be hiked next year, the question for markets becomes less about when and more about, how high.
Markets have learned. Measured by five-year overnight index swaps, traders expect the next rate hike cycle to peak at just 1.45%. And adjusted for inflation, real rates are forecast not to get into positive territory in this business cycle. U.S. stock futures ES00, +0.23% NQ00, +0.28% were pointing to gains after the report, while the yield on the 10-year Treasury TMUBMUSD10Y, 1.456% slipped to 1.42%.
Electronic-signature company DocuSign DOCU, +1.31% plunged 30% in after-hours trade, as the company’s chief executive said the pandemic boom wore off.
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