The Abysmal Housing Market Has Been A Tailwind To Economic Growth

The 10-year Treasury yield reached an intraday peak of 5.34% before retreating, relieving pressure on equities and potentially indicating a near-term peak in long-dated rates. Dovish Fed commentary and futures pricing imply no imminent additional rate hikes, with policymakers expected to reassess policy around year-end. The pullback in yields is modestly supportive for risk assets, though rates remain elevated.