PMC Market Commentary: February 14, 2014
A Macro View
This past week has been a reminder of how quickly sentiment in financial markets can change. After increasing agitation about a correction in equities, U.S. equities in particular surged to erase most of the losses for the year. In addition, after widespread speculation at the start of the year that interest rates would begin once again to creep up as the Federal Reserve continued to taper its monthly bond purchases, yields instead inched down, with the rate on the U.S. 10-year hovering at about 2.7% in February having begun January at 3.0%.