If Rates Are Higher for Longer, What Outperforms?

What’s in Today’s Report:

• If Rates Are Higher for Longer, What Outperforms? (Hint:  Secular Growth Strategies)

Futures are modestly higher on a decline in oil prices and global bond yields, following positive news for both markets.

European bond yields are lower after Marine Le Pen, the favorite to become the next French President, unveiled a more fiscally responsible budget, easing some fiscal concerns.

Oil prices are lower after Yemeni forces recaptured critical coastal cities from the Houthis, reducing the threat to the Bab el-Mandeb Strait.

Today there are no notable economic reports but there are several Fed speakers including Williams (9:05 a.m. ET), Bowman (10:45 a.m. ET), Schmid (1:15 p.m. ET), and Logan (7:00 p.m. ET).  Williams is again the most important of them (he’s the Vice Chair) and if he reiterates there’s “no rush” in hiking rates that should put more downward pressure on yields, which will be positive for stocks.