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Since we closed at a fresh 52-week high for both the 2-10 spread and the 10-year Treasury yield last Friday, further rises in long-term interest rates will likely cause a bigger rotation out of technology stocks and into financials, industrials and the energy sector.
Banks absolutely love a rising 2-10 spread, as it means the economy is accelerating and their profitability is rising.
The U.S. dollar can rise further as the long-term interest rate differentials are in favor of the dollar and are expanding.