- The question is - given the low in March ’09 and the previous highs exceeded in late April ’13 - is the secular bull market 13 years old or just a little over 8 years old, and does it matter?
- Not only are the S&P 500 and Nasdaq bumping all-time highs, but Europe and many of the non-US global markets are poised to trade above their 2006-2007 highs and make all-time-highs.
- A 200 bp increase in the 10-year Treasury yield today would take the yield to 3.5%, so if we assume a “true, long-run inflation rate” of 1.5%, that would mean that the 2% long-run “real” rate of return for Treasuries has been restored to equilibrium real returns.
For further details see:
On The Stock And Bond Markets Today, And This And That