News Summary

• Mike Bell, head of market strategy at RBC BlueBay Asset Management, discusses the outlook for bond yields, equity valuations and the artificial intelligence trade.
• "The equity risk premium is very compressed," Bell says on Bloomberg Television.
• "Any moves higher in bond yields are going to push that earnings yield up and therefore valuations on stocks down," he adds.
• "It just feels like the AI trade is impervious to this.
• It's imper oblivious to the rate story," he says.