Hammack kills the pivot trade and yields reprice the whole tape lower.
When a Fed official calls the central bank's own forward signal misleading and the 2-year yield jumps five basis points in one session, every multiple built on cheaper money gets an immediate haircut.
Every one of the twelve sectors closed lower on May 7, with Energy falling -1.75% and Materials -1.51% leading the decline, while Technology held best at -0.07%; the session's top-to-bottom dispersion of 1.68 points describes an orderly, broad-based retreat rather than a panic.
Since the last briefing
Yesterday the committee endorsed the domestic-industrial and AI-semiconductor supply-chain theses as confirmed trends and maintained Energy skepticism.
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.