Broader stories also emerge.
C-Suites across America may not be getting the credit they deserve for repairing balance sheets in the wake of the crisis. Overall debt and debt-to-EBITDA levels across the S&P are roughly 40% below pre-bust levels, paving the way for flexibility to increase dividends or map out new growth strategies in coming years.
For instance, investment grade companies like
(DIS - Get Report)
(COST - Get Report)
have recently returned to bond markets to finance large dividend increases. Meanwhile,
(AMZN - Get Report)
recently tapped bond markets for the first time in a decade, as the company ratchets up its competition against retailers
and tech giants
Most important; however, is that bond yields may not be as predictable as simply following the Fed. If falling yields are, in part, a function of weak supply, then rising yields may have as much do with C-Suite aggression and general re-leveraging throughout corporate America as any change in Fed policy.
For more on the Fed's impact on investments, see why a Bernanke dividend boom is poised to hit
private equity stocks
Also see why low interest rates mean
Fed destruction will hit bank stocks in 2013
-- Written by Antoine Gara in New York