A bond rally with a different message
Week ended 16 October 2026 · Looking ahead to 19–23 October
I’m going into this week more comfortable owning some duration, and much fussier about the equities I’d put next to it. The dilemma is whether lower yields give the wider market enough breathing room, or whether they’re telling us that the growth story is starting to run into its bill.
That’s what I'm trying to work through. A bond rally can help share prices, but the reason bonds are rallying matters. If traders are becoming less confident about the profits ahead, a cheaper discount rate only gets you so far.
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