When a football team goes from giving up 100 or 150 yards a game on defense…to giving up 500 yards…it’s very negative. If they improve to giving up 460 yards (or even 430 yards), it really doesn’t help very much. Similarly, bond yields going from 1.00%-1.50%...to 5.00%...is quite negative for the stock market. And it doesn’t help as much as people think if it drops to 4.6% (or even 4.3%). It’s still very high.
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