Why the dollar matters
A stronger dollar can tighten global financial conditions, pressure commodity importers and reduce the translated earnings of multinational companies.
Why yields matter
Higher nominal and real yields raise the discount rate applied to long-duration cash flows. That makes the market more demanding toward high-multiple growth stocks.
Portfolio read
When the dollar, real yields and oil rise together, broad multiple expansion usually becomes harder. In that environment, leadership quality and cash-flow visibility matter more.