'Certainly, the gap between bonds and stocks has narrowed from what it has been in recent years, but there's still a decided advantage to owning stocks,'...
As inflation-adjusted U.S. bond yields climb to their highest levels in nearly 15 years, some investors are wondering whether owning stocks is still “worth it” over the long haul.
“Certainly the gap between bonds and stocks has narrowed from what it has been in recent years, but there’s still a decided advantage to owning stocks,” Siegel said Monday in a phone interview. Does that mean investors should ignore those big, fantastic yields on the 2-year note? 5% on the 2-year note comes out to 2%, or maybe 3%, after inflation. In two years, anything can happen. The stock market could go down by 10% or 20%. But I’m not talking about the short term, I’m talking about longer-term wealth building, particularly if you’re young and you’re building a retirement account. That’s what really counts.
MarketWatch: What do you think we’ll hear from Federal Reserve Chairman Jerome Powell later this week when he speaks at Jackson Hole? If we do see a slowdown and Powell keeps on going up and up, I think there will be a negative payroll report and that will grab headlines. Then, Powell’s phone will be ringing off the hook with angry Democrats. They’re riding on this fact that we’re slowing inflation without unemployment. If that disappears, a major part of their case for re-election is threatened.
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