The 10-year yield and the $SPY relationship is one of those things that feels obvious until it isn't.
Sometimes rising rates kill stocks. Sometimes they confirm growth expectations and stocks rally alongside them. Sometimes the correlation flips mid-cycle and catches everyone off guard.
The chart tells you what happened. It doesn't tell you what happens next. That's the part most people forget.
Markets don't move in straight lines. Neither do their relationships with each other.
Sometimes rising rates kill stocks. Sometimes they confirm growth expectations and stocks rally alongside them. Sometimes the correlation flips mid-cycle and catches everyone off guard.
The chart tells you what happened. It doesn't tell you what happens next. That's the part most people forget.
Markets don't move in straight lines. Neither do their relationships with each other.