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Markets taking exception to rising rates

Published 07/05/2018, 03:45 PM
© Reuters.  Markets taking exception to rising rates
IYR
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FAS
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TBT
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IYG
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TLH
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ZROZ
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TBF
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  • The minutes from the FOMC's mid-June meeting show no letup in the plan to continue hiking rates amid an "already very strong" economy.
  • The Fed may be overflowing with PhDs, but markets have the considered judgement of all investors, and they may be saying, "not so fast."
  • Since the minutes were released, the 2-10 yield curve has flattened by another three basis points to a barely visible 27 basis points - the lowest since 2007.
  • And if rates need to head higher, why are utilities and REITs outperforming the financials by so much? Over the last three months the iShares U.S. Real Estate ETF (NYSEARCA:IYR) is up 7.3%, outperforming the XLF by a full 1,200 basis points. The Utility SPDR (XLU +0.3%) is up 3.6%, outperforming the XLF by 830 basis points.
  • ETFs: XLF, TLT, TBT, FAS, XLU, FAZ, UTG, TMV, VPU, VFH, TBF, UYG, EDV, GUT, IDU, TMF, BUI, FNCL, IYF, BTO, TTT, FUTY, ZROZ, VGLT, IYG, TLH, RYU, RYF, UBT, FXO, SEF-OLD, FINU, SPTL, UPW, DLBS
  • Now read: U.S. Financials And Yield Curve: Don't Panic, But Remain Cautious


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