U.S. stock market returns may suffer as economic recovery and possible monetary tightening are set to fuel a surge in Treasury yields, according to Citigroup Inc. strategists.
Citi downgraded U.S. stocks to neutral from overweight on Wednesday due to the large prevalence of tech companies, which are vulnerable to higher rates. The recent rally in government bonds will be temporary before macro growth fuels a rise in 10-year yields to 2% into 2022, according to Robert Buckland and his colleagues.
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August 04, 2021 at 04:56PM
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Citi Cuts Tech-Heavy U.S. Stocks on Treasury Yield Surge Call - Bloomberg
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