"With so many investors concerned over interest rates, we wondered if they follow cyclical tendencies as well. The chart to the lower right plots the YTD percent change in the ten-year bond yield vs the average YTD change in ten-year yields during the second year of a presidential term. Like the chart for the S&P 500, this year is following a similar pattern to the average, although the magnitude of the move this year is considerably greater than the average move. This would imply that bond yields are near their peak for the year."
If the cycle holds true this year, bond yields should be heading lower in the second half, with allthat implies . . .
10 year bond change, 4 year cycle
Source: Birinyi Associates, Inc.
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