BofA Survey: Fund Managers Would Ditch Stocks for Bonds Only at 5.9% 10-Year Treasury Yield

The threshold itself is the story: it implies the surveyed managers see little reason to abandon equities until yields rise well beyond current levels, which says more about their positioning than about any view on bonds. It also hints that the widely watched equity-bond rotation may be less mechanical than assumed, since it apparently takes a much higher yield to trigger it. What matters next is whether that threshold holds as a stated intention if yields actually move toward it, or whether the survey is capturing a stance that only exists in the abstract.