They did it. The markets passed the test. U.S. Federal Reserve Chairman Ben Bernanke gave us the "taper" Wednesday and stocks soared higher with Treasury yields also ticking upwards.
Now we're set for a 2014 where yields and stocks push higher in unison, right? Wrong, says Pedro de Noronha, managing partner at hedge fund Noster Capital.
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"I'm not entirely convinced this move is going to last," Noronha told CNBC Thursday. "The natural reaction when yields go higher is also for stock markets to go lower."
He predicts that the only way bonds can have a good 2014 is if there's a "massive correction" in equities, adding that the wall of money that is expected to be invested in equities at the expense of bond funds is likely to suffer from negative returns in the not too distant future.
In one of the most closely-watched central bank meetings of the year, the Fed announced Wednesday that it would start trimming its monthly asset purchases by $10 billion to $75 billion from January onwards. But to temper the market impact of the move, the Fed said its key interest rate would stay near zero "well past the time" unemployment falls below 6.5 percent.
Global stocks roared higher, even as Treasury yields saw an upward move on the news, resting at 2.9272 percent on Friday morning. Some investors, including Noronha, were left puzzled by this correlation due to a stock valuation method called discounted cash flow (DCF). This is a widely used method that enables analysts to calculate how much a stock is worth.
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