B · Normal
[Lyon: For the first time in 25 years, the Fed model prefers bonds over stocks, and the sentiment gap between institutions and retail investors has expanded] On October 12, Lyon issued a research report saying that as the S&P 500 index rose above 7,800 points and the U.S. 10-year Treasury yield reached about 5.3%, the Federal Reserve model (Fed model) switched from preferring stocks to preferring bonds for the first time in about 25 years. The bank believes that for investors who have been in the market for less than 25 years, this is a situation that has not been experienced before, but the bank only views this as an observation and not an asset allocation recommendation. Its S&P 500 model shows only about 5% upside in the year ahead.
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