by Ivan Martchev
January 22, 2025
We have seen this convergence of trends several times in the last two years: Bond yields start rising and stocks ignore them, up to a point, but when bonds clear a certain level – which seemed to be 4.50% on this last spike in Treasury yields – the stock market gets progressively more worried with larger sell-offs. Then, as Treasury yields top out and reverse sharply lower, the stock market surges, as it did last week.
The main question now is: Have Treasury yields topped out for a while?
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