Volatility has come back into the market as the narrative shifted toward a higher-for-longer monetary policy backdrop. Signs of sticky inflation and a resilient economy, including a strong labor market, have underpinned the change in expectations. Yields have reacted by rerating significantly higher this month, while stocks have pulled back from overbought conditions. Technical damage is beginning to mount on the S&P 500, but its longer-term uptrend remains intact. The U.S. dollar has followed yields higher, creating headwinds for U.S. multinationals and currency stability headaches for other central banks.
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