Daily Macro Risk Pulse

The 2Y yield fell 0.86% to 3.67% while the 10Y rose 0.22% to 4.49%, producing a dramatic bear-steepening dynamic with the 2s10s spread at +82bp. This pattern — front-end rallying on rate-cut expectations while the long end sells off on term premium or fiscal concerns — historically pressures duration-sensitive growth equities and favors real assets. The 82bp positive spread is notable and suggests the market is pricing both easing and reflationary risk simultaneously, a backdrop that typically supports gold ($4,148) and commodities while creating headwinds for high-multiple tech beyond the near term.