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Open original source ↗In 2007, yields were responding to speculation in housing, a non-productive asset, whereas today they are responding to capital spending, which has a huge “multiplier”. Revenues at OpenAI and Anthropic have soared 3- to 8-fold during the last 6-9 months!
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Redrawn on a log scale, back to 1980. Rates above 5% don’t automatically spell trouble for stocks. Drawing on 200+ years of history, @CathieDWood makes the case for why higher rates, lower inflation, and strong equity markets can coexist. https://t.co/byvGX5Zmfh https://t.co/8T1bsdijIA
downingARK ↗