2026-08-23 · 19-Year Bond High, Health Care Overheats
The thirty-year Treasury yield hit a nineteen-year high and stocks bounced only on strong Friday data, while our signals flagged eighteen health care names, more than the next three sectors combined, as overextended after months of sector leadership.
The Signal
Stocks fell most of the week and then rallied hard Friday, but the real story sat in the bond market: the thirty-year Treasury yield touched 5.27%, a nineteen-year high, on deficit worries, sticky inflation and a wave of competing corporate debt issuance. The Treasury tried to get ahead of it midweek by more than doubling its buyback…
The skinny
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