The Bond Market Quietly Repriced The Cuts Away.
The clearest tell on Friday wasn't in stocks — it was in bonds.
The Story
The clearest tell on Friday wasn't in stocks — it was in bonds. The 10-year Treasury yield held near 4.54% as traders erased the rate cuts they'd been counting on. When the jobs data is strong, the bond market stops pricing rescue.
What This Means For The Book
I side with the bond market more often than the stock market — it's the adult in the room. Its message all year has been consistent: rates stay higher for longer. We've kept the book tilted to companies that earn cash today rather than promises tomorrow, and Friday was one more vote for that posture.
Themes In This Article
- ThemeFixed Income
For reference. Not a recommendation. See Capital Wealth Model Portfolios.
Q2 Review — 15 Minutes, Phone Or Zoom
Bring your statement; we translate the headline into a position-level decision.
Book Q2 Review →View Portfolios →