Last month played out like Newton’s third law of physics with a twist: for every feared Fed action, there was an equal and opposite overreaction. The 10-year Treasury yield spiked 27 bps, and U.S. large cap growth lagged U.S. large cap value by 7%, its worst relative showing since March 2001. The direction of the moves wasn’t surprising, but the magnitude was, even for the most hawkish of Fed tightening scenarios.
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