Bond vigilantes reprice duration; quality compounders absorb the shock better than growth.
When the 30-year Treasury yields 5.14% and the curve's long end keeps climbing, every equity multiple written against a low-rate assumption is under structural review.
Energy and Communication Services led an 8-of-12 advance while Technology slipped 0.72%, as the 30-year Treasury reached levels not seen in nearly two decades and the long end of the curve continued its month-long climb, with the 30-year now at 5.14%.
Since the last briefing
Friday's briefing argued that a 12-basis-point yield shock resets duration risk across the entire tape and that enterprise software strength was the clearest real-time validation of the committee's quality-compounder bias.
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.