US yields nearing level that could pressure stocks, Morgan Stanley says

NEW YORK, March 18 - U.S. stocks have climbed this year despite rising Treasury yields, but equities could become more sensitive if yields push higher from current levels, Morgan Stanley strategists said on Monday.

The bond market could become more volatile over the next few days, with policy decisions by the Federal Reserve and Bank of Japan. Higher yields increase the attractiveness of owning"risk-free" Treasuries for investors. That in turn can dull the luster of riskier equity cash flows and tends to pressure stock valuations.

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