The Globe and Mail reports in its Saturday edition that stocks are again languishing in the wake of stubbornly high inflation and tough talk from central banks on interest rates. The Globe's David Berman writes that one of the most interest-rate-sensitive stock is Telus. As bond yields have risen, communication services have been the worst performers over the past three months, falling 8.5 per cent. Within the sector, Telus, which has fallen 11.1 per cent, or slightly worse than BCE's 9.7-per-cent decline, is the biggest laggard. The stock is near levels last seen during the pandemic lockdowns in 2020. This poor performance might not be surprising. Canada's telco sector is mature and highly regulated, with just a few significant players. This makes it unlikely that any one company will benefit from spectacular growth or win significant market share from its competitors. Instead, investors turn to the telcos for their big dividends and stability; we all need phones and Internet access. As bond yields rise, however, dividend yields often rise as well. As a result, some investors might prefer a safe government bond over a riskier dividend stock, especially when bonds are offering similar cash payouts.