According to CoinMeta, strategists at Standard Chartered Bank stated in a report that over the past 30 years, the most favorable market environment for risk-sensitive currencies has been when the U.S. stock market has been rising alongside higher yields on U.S. Treasury bonds. Strategists pointed out that in the early stages of economic recovery, yields tend to be lower, reflecting loose monetary policy and insufficient credit demand. As market optimism about economic growth prospects increases, this trend is usually reflected in the stock market, bond yields, and currencies that are positively correlated with risk sentiment, including the Canadian dollar, Australian dollar, Norwegian krone, Mexican peso, and New Zealand dollar. The strategists said, "If rising yields reflect an increase in risk premiums or heightened inflation risks, then this correlation may no longer be as reliable."