Rising yields punish duration and consumer credit simultaneously across eleven sectors.
When the 2-year Treasury rises 14 basis points in a single session and touches 4.85%, every equity holding a DCF denominator or a consumer credit assumption reprices — and today both repriced at once.
A violent broad-market selloff on September 23, 2026 left only Energy in the green as Treasury yields surged across the curve — the 2-year reached 4.85% and the 10-year 5.11%, both up double digits in a single session — compressing valuations across eleven of twelve sectors.
Since the last briefing
Yesterday the committee was net bearish on MA, XOM, and SCHW, with the diesel export ban framed as the primary working-capital and margin disruptor across the tape.
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.