Several events rocked the markets during March: a sudden spike in US 10 year Treasury yields due to the bond market refusing to believe the Federal Reserve can hold interest rates at current levels until 2023; a consequent rapid shift in sentiment from growth (technology with hoped-for earnings) to value (dividend payers with actual earnings and profits); finally, the collapse of a prominent hedge fund. Archegos Capital had to go into liquidation late in the month after it faced margin calls on positions it took on certain Chinese stocks and ViacomCBS, the US media and entertainment company, through derivative trading (where stocks aren’t actually owned but borrowed, or lent without owning).
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