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Today’s price action highlights the resilience of the US equity market: It has contained losses to under 1% so far, even as oil has surged 6% and 10-year Treasury yields have jumped 11 bps. Impressive corporate earnings have provided vital insulation for the stock market, alongside the remarkably limited spillover—so far—from interest rate risk to credit risk. How this evolves will largely depend on whether higher yields weaken the economy, reduce financing availability, and/or trigger pockets of deleveraging. #economy #stocks #investing #investors #markets #bonds