A geopolitical relief valve lowered oil prices and bond yields together, producing the rarest of sessions — where the cyclical and the secular both found buyers, but only if you owned the right cyclical.
A US-Iran Hormuz reopening drove oil prices sharply lower, punishing Energy (-3.21% today, -3.55% over five sessions) while simultaneously pulling intermediate Treasury yields down, a dual move that reshuffled sector leadership toward Technology, Materials, and Industrials.
Since the last briefing
Friday's position held that the rate ceiling was intact and that semiconductor and AI hardware infrastructure were the primary quality expression, with MU and NVDA treated as complementary rather than competing.
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.