Bonds rallied and AI hardware still fell, so the selling is about the business, not rates
If a nine-basis-point drop in the 10-year cannot lift memory, interconnect and AI-power names, holders should judge those businesses on their earnings durability rather than on what the rates desk does.
Treasuries rallied across the curve, with the 10-year down 9bp to 4.35%, but Technology fell 1.46% and Industrials 1.82%. Both declines match their five-session moves, so lower yields did nothing for AI hardware.
Since the last briefing
On 2026-03-27 the committee held its Stagflation Squeeze lean at 60/40. It preferred regulated, cash-generating real-asset businesses over AI-hardware suppliers and blamed the pressure on the long end and war risk.
What drove the session and how it transmitted, the exposure table by persistence grade, where the committee disagreed, its verdict and weighting, and the falsifiers that would prove it wrong.