Leuthold's Major Trend Index held its "neutral" reading for the week ending August 21, 2026, even as rising Treasury yields dominated the news, the 30-year touched a two-decade high and the 10-year posted its highest close since January 2025, driven by heavy Treasury issuance, elevated oil prices, and AI-related corporate borrowing. Leuthold frames the move as a repricing of term premium and fiscal credibility rather than a shift in inflation or Fed policy expectations, noting that gold, Bitcoin, and TIPS benefited as investors sought protection from reduced fiscal confidence. Sentiment remains overly bullish and the Technical category shows little change, though a few trend charts are starting to weaken as the bull market has flattened over the past three months. The firm is maintaining a net equity weight of approximately 55%–56% in the Leuthold Core and Global tactical portfolios.
Click here to read more of the "Major Trend Index" article.