Yields on 10-year US Treasuries have not rebounded as you would expect if the economy is genuinely healing.

Futures contracts imply that yields will remain pinned to the floor until the mid-2030s and that the Fed will not come close to meeting its inflation target by the middle of the century.

Wall Street is being held up by a diminishing handful of equities. 

Microsoft and the FAANGs (Facebook, Amazon, Apple, Netflix, and Google/Alpahbet) added half a trillion dollars in capitalisation over the six trading days up to the end of last week.

Ambrose Evans-Pritchard 14 July 2020

Ivestment gains since early 2017 have been completely dominated by Apple, Microsoft, Amazon, Alphabet GOOG and Facebook

Just as easy mortgages fueled economic growth in the 2000s, cheap corporate debt has done so in the past decade

Frank Partnoy, law professor at UC Berkeley, The Atlantic  July/August 2020