The Long End Is Breaking Out — And This Time It May Not Be The Fed

When Rates Start to Bite

The long end is pushing into levels that are becoming increasingly difficult for equities to ignore. The 10-year is threatening a major breakout, the 30-year has already pushed through longer-term resistance, yet tech continues to trade as if rates barely matter.

Privorotsky offers an interesting explanation: this may increasingly be a supply problem, with massive sovereign issuance colliding with an AI capex boom increasingly funded through debt markets.