Fleming Says Treasury Yields Must Settle Before U.S. Stocks Can Advance

Greg Fleming, president and CEO of Rockefeller Capital Management, sees calmer Treasury markets as a condition for broader U.S. stock gains amid inflation, fiscal and growth pressures.

His view covers two-, 10- and 30-year U.S. Treasury yields. Fleming connected upward pressure on yields to inflation, especially energy costs, as well as federal deficit concerns and strong economic growth.

He also pointed to productivity gains from artificial intelligence as a possible way for the U.S. to manage large deficits better than other economies. That possibility depends on economic growth remaining robust.

The comments add to debate about how higher bond yields affect stocks, including concerns that equities have less room to absorb further increases.