Today’s biggest news in U.S. equities wasn’t a decline—it was the 10-year U.S. Treasury yield surging to 5.07%, the highest level since July 2007! The immediate trigger was the just-released S&P Global September PMI preliminary reading: a composite 58.4, up from 56.0, marking a five-year high, with new orders surging—evidence of an overheating economy and persistent inflation. The probability of a rate hike in October has spiked to 70%, and there’s a very high likelihood of three more hikes over the next 12 months! But don’t worry—we’re in a hiking bull market; the more they hike, the stronger it gets 😂 Risk assets remain just as sensitive to discount rates: when rates rise, stocks, Bitcoin, and other risk assets fall—the pattern hasn’t changed. $WTI is already at $92; any slight disturbance in the Middle East will only add fuel to the fire.