For most of 2023, markets refused to recognize the possibility of higher for longer, notes Morningstar Wealth’s Marta Norton. She discusses the market impact of higher for longer rates. She talks about how the 10-yield yield is at least at fair value, but fair value doesn’t mean it can’t get cheaper. She highlights that long-dated debt doesn’t offer as much equity hedge when the yield curve in inverted. She mentions that we’re hanging onto short-dated treasuries, which are well above fair value in their estimation. Tune in to find out more about the stock market today.