Jim Cramer Says 30-Year Treasury Is Driving Stocks, Not Fundamentals

Mad Money host Jim Cramer said the 30-year Treasury, not company fundamentals, is now driving stock prices, with a yield near 5.3% pressuring housing, borrowing costs and equity valuations. according to BeInCrypto, he said the long bond offers investors a safer alternative to stocks and is forcing capital-intensive sectors such as airlines to compete for funding. Cramer also said mortgage rates above 7% are hurting housing, while roughly $4.5 trillion in long bonds outstanding dwarfs the government’s buyback program.