U.S. stocks have rallied sharply since the March tumble, while bond yields are deeply depressed, hovering near all-time lows, but, in a recent analysis, Peter Berezin, chief global strategist for BCA Research, lays out a straightforward — if bleak — explanation.
The coronavirus pandemic is likely to pummel Main Street while leaving Wall Street relatively unscathed, Berezin writes, and asset prices are reflecting exactly that scenario.