To many observers the 28 percent decline in the U.S. 10-year Treasury yield this year is a clear warning of trouble ahead. A common theme in financial commentaries is that falling bond rates reflects the widespread fear of a coming recession. Yet this conclusion obscures the fact that falling bond rates typically precede a period of outperformance for equities. In today's report we'll examine the variables which collectively point to higher stock prices ahead and a positive flight path for the economy, thanks in part to lower yields.
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