Everyone's focused on the [30Y Treasury hitting 5.31%](https://www.marketwatch.com/story/u-s-30-year-treasury-yield-hits-highest-level-since-2007-amid-global-bond-sell-off-f8dfb1df?mod=mw_rss_topstories) crushing bank margins and duration-sensitive growth. The Risk Manager nailed that. But the real transmission mechanism isn't deposit flight — it's capex starvation. GE, BA, and the aerospace-defense industrial complex are invisible beneficiaries of sub-4% capital costs.

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