War-inflation repricing lifts yields and splits the tape brutally.
A session where the direction of rates mattered more than any earnings story means equity holders need to know exactly how much duration they are carrying.
Energy and a narrow cluster of AI-infrastructure names carried the tape while nine of twelve sectors fell, with the broad market absorbing a sharp rise in Treasury yields as war-inflation fears from the Iran conflict repriced rate expectations higher across the curve.
Since the last briefing
Yesterday's prior position held that long-end yields were creeping higher ahead of Wednesday's CPI and advised against adding to rate-sensitive utilities or unconfirmed tape-only materials movers.
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.