200-day moving averages, with broadly elevated ADX readings (2Y 31.31, 5Y 31.21, 10Y 26.99) — suggesting the upward move in yields has real momentum and staying

200-day moving averages, with broadly elevated ADX readings (2Y 31.31, 5Y 31.21, 10Y 26.99) — suggesting the upward move in yields has real momentum and staying power, not just single-day noise. On the transmission mechanism to equities: yields form the risk-free rate and discount-rate basis in equ…