The drop in U.S. Treasury bond yields has led the cell tower REITs in our 5G Network Infrastructure Portfolio to outperform. Joe Kalish recently moved to neutral on duration and indicated it could be difficult for the 10-year yield to reach his 1.70% - 1.75% yearend target, indicating a "lower for longer" rate environment. Pending the FOMC announcement today, we may overweight the 5G group vs. SPY as a tactical trade while rates remain low.
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