Pantheon Macroeconomics - Under normal circumstances, we would have no hesitation calling for substantially higher long Treasury yields and a lower earnings multiple as the Fed raises rates. History tells us that you fight the Fed at your peril, as our first two charts show.

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20 Mar. 2015 Earnings and Treasuries at Risk, but the ECB's QE is a Wild Card

By Ian Shepherdson

Under normal circumstances, we would have no hesitation calling for substantially higher long Treasury yields and a lower earnings multiple as the Fed raises rates. History tells us that you fight the Fed at your peril, as our first two charts show.

Posted: 20th Mar 2015 in 'U.S. Documents'

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