Yields retreat, Materials and Industrials lead a synchronized broad rally.
A five-to-six basis point decline across the Treasury curve gave cyclicals and beaten-down rate-sensitives room to recover, but the damage logged over the prior five sessions in Healthcare, Staples, and Utilities has not been erased.
All twelve sectors closed higher on March 23, led by Materials (+2.83%) and Industrials (+2.38%), in a broad risk-on session that reversed the prior week's broad selling, with yields falling 5-6 basis points across the curve providing significant relief to duration-sensitive names.
Since the last briefing
Friday's briefing called for reducing exposure to the AI-power infrastructure cluster and rate-sensitive utilities, citing a fourteen-basis-point rate surge that erased every sector simultaneously.
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.