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Three important insights from 2023

A focus on bond yields, the Magnificent 7, and the Fed pivot

Tim Murray, Capital Markets Strategist, Multi‑Asset Division
T. Rowe Price,  January 2024

Key Insights

  • Bond yields have rebounded and are unlikely to return to the anemic levels of the 2010s, despite the Fed’s dovish pivot.
  • Given the significant outperformance and high returns on equity by the Magnificent 7 companies, we believe they should be viewed as a separate asset class.

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