Higher Rates Are Already Doing Damage. Stocks Haven’t Reacted Yet

Abraham argues 25-year-high bond yields are already damaging real estate, private equity, and credit even though stock indexes haven't reacted yet.

• Delayed pricing thesis: Zach Abraham argues markets take weeks to digest major rate moves instead of instantly, citing the Fed meeting aftermath and the S&P rallying 13% in January 2020 even as COVID shut down China's economy.
• Rates at multi-decade highs: The 10-year yield closed around 5.29% (dipping post-close) and the 30-year hit 5.59%, levels not seen since roughly 2003-2004, while the VIX sits under 20 despite the moves.

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