Long-end yields creep higher as markets brace for Wednesday's CPI verdict.
Equity holders face a binary: a hot CPI print validates the 30-year's six-basis-point move today and compresses multiples across duration-sensitive growth, while a cool print could flip the tape sharply in the other direction.
Tuesday's session was narrowly mixed: only four of twelve sectors closed higher, with Materials leading at +0.88% and Utilities dragging at -0.94%, as a long-end Treasury selloff pushed the 30-year yield up 6 basis points to 4.78% ahead of Wednesday's February CPI print.
Since the last briefing
Yesterday's verdict called out a 'long-end rally and tech rebound masking a growth-tax fault line running through energy,' and advised holding prior energy and confirmed AI-compounder positioning while avoiding fresh adds on NUE given institutional net
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.