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Rapid bond yield moves have preceded nearly every major financial blowup: Chart of the Day
Macquarie strategists pointed out that "almost all of the high-profile financial blow-outs" over the past five decades have occurred in the immediate aftermath of rapid moves in bond yields.
"That is, in the past 50 years, sharp increases (or sharp decreases) in long-term yields have taken place every few years, and when they have taken place, another financial company, or heavy borrower has imploded," Macquarie global strategists Thierry Wizman and Gareth Berry wrote on Wednesday.
Macquarie research points to "balance sheet-induced mini-crises" following rapid yield moves, ranging from the collapse of Franklin National Bank in 1974 to the municipal bankruptcy of Orange County in 1994 and, most recently, the implosion of Silicon Valley Bank in 2023.