Broad relief rally masks violent earnings-driven dispersion underneath every sector.
A day when everything goes up is precisely when sector averages lie most — what mattered was which companies earned the right to be re-rated and which were punished for missing that bar.
All twelve sectors closed higher on April 30 — a full-tape rally led by Industrials, Healthcare, and Utilities — while Treasury yields fell modestly across the 2-to-10-year curve, suggesting the move was driven by relief rather than reflationary optimism.
Since the last briefing
Yesterday's position held that supply shock and a steepening curve separate quality from everything else, and that the committee would refuse to add broad Technology until application-layer earnings confirmed monetization.
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.