A reality check for stock investors is coming from the bond market, according to Albert Edwards, the Société Générale strategist who could be called the dean of perma-bears for his pessimistic research. Yields on longer-term U.S. government bonds have largely stayed put this month, but they have gone steadily higher since the Federal Reserve cut short-term rates nearly to zero to prop up the economy during the pandemic. Since the lows of 2020, the Treasury yield has climbed 3.994 percentage points while the Treasury yield is up 3.831 points.
