STORY: The 10-year Treasury yield, said Bernstein, has been “at 4%, give or take, since about the last two years.”
“We didn’t have a 4% handle on the 10-year since 2008,” he said. “It’s very likely we may not see a four-handle on the 10-year again for years, so there are incredible opportunities to lock in fixed income, right now, and get those yields that won’t be available three months, six months from now.”
Bernstein said there was $6.7 trillion in money market funds that investors could now use to help power both the stock and bond markets as the Fed’s rate cuts begin to incentivize investors to chase riskier assets.