DB: "The correlation between daily equity returns and moves in the 10-year Treasury yield is currently extremely negative—more so than during the 2022 rates panic.

"However, the backdrop differs materially from 2022: rate volatility is well contained, and the 10-year yield remains within the roughly 1-percentage-point range it has occupied for the past three years, a period during which equities have trended strongly upward.

"The recurring lesson from the past four years is that rate volatility, rather than the absolute level of interest rates, has been the more important variable for equities."