Jim Bianco: The trend towards yields is going to push-pull all year long

Wall Street forecaster Jim Bianco expects stocks to get a boost this spring because the benchmark 10-year Treasury Note yield will temporarily retreat.

“The near-term forecast is it’s oversold, and it’s probably due for a rally – meaning that we would have falling rates,” the Bianco Research president told CNBC’s “Trading Nation” on Friday.

He predicts the drop will benefit the indexes, including the tech-heavy Nasdaq which has gotten rocked by rising rates in the past month. The Nasdaq is particularly vulnerable to rates because technology is considered a long duration asset like Treasurys.

“The stock market will definitely act like it’s a relief,” Bianco said.