Soaring borrowing costs could trigger a “correction” in the stock market, big investors have warned, highlighting a growing disconnect between exuberant equities and bonds battered by worries over high inflation.
Wall Street’s S&P 500 stock index has punched through a series of record highs in a tech-powered rebound that began at the start of April, when news of a temporary ceasefire in the Middle East war prompted traders to pile back into the market.
By contrast, a sell-off in government bonds has pushed US bond yields to their highest level in more than a year as investors bet that oil prices stuck above $100 a barrel will fan inflation and spur central banks — including the Federal Reserve — to lift interest rates.
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