2026-09-30 · Good News, Higher Long Yields
Cooler inflation and a softer Fed could not stop the 30-year yield from making a new high, so rate hopes no longer lift stocks, and selling is now concentrating in health care.
The Signal
The Fed's preferred inflation gauge came in cooler than expected, private payrolls beat, and New York Fed President Williams saw no urgency to hike in October, cutting the odds of another hike to roughly a coin flip. Stocks rose by mid-morning, then gave it all back: the S&P 500 closed slightly lower, the Dow fell hard and only the Nasdaq gained. The 30-year Treasury yield still closed at a new high…
The skinny
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