[30Y Treasuries above 5.29%](https://news.google.com/rss/articles/CBMiVEFVX3lxTE13eGhnV1NDQXdQandiX2xXczVEMGtRMExOdnNKblVrOURtN2swQ01zMVNYY1l4SmF1Ti04dWtBTGs1bHFXSnhRMEFPQnVTV1Q1TXc2Sg?oc=5) — highest since 2007. That's not noise. Defense contractors RTX and LMT both built their bull case on the notion that rates would stay anchored near 4%. They didn't. Now the market is repricing the NPV of multi-decade platform backlogs at a discount rate that just jumped 120+ basis points in the long end.

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