Stop hunting for the magic number in bond yields
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Stop hunting for the magic number in bond yields
That’s not how bond market risk transmits to equities.
Equity managers need to know how shifts in the bond market impact their risk profile. But searching for a magic number in 10y yields is misguided.
The transmission mechanism is more nuanced. It operates via three distinct channels: yield levels, curve shape and rate volatility.
Qi measures the orthogonal exposure of each equity sector to all three.
Continue reading our analysis by downloading the PDF above
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