Today's brief

Today's rally in Treasury yields is a clear signal that investors expect the Fed to keep tightening. Robust economic data and a weak auction have forced pricing of tighter financing into equity valuations, explaining the double‑digit slide in tech. The market is now pricing in at least one more 25‑bp hike, which will keep risk assets under pressure until inflation shows a decisive break. In this environment, cash‑rich investors will gravitate to duration‑short strategies, and growth stocks will need fresh catalysts to recover.