Markets are still searching for firm ground. US equities closed lower on yesterday as the brief relief from Treasury buybacks faded. The Dow dropped more than 1%, the S&P 500 nearly 1%, and longer-dated yields pushed back toward recent highs. The 30-year is once again testing levels not seen in nearly two decades. Oil remains elevated near $93–94 on unresolved tensions around the Strait of Hormuz. That combination higher term premia and firm energy prices, continues to weigh on risk assets. Gold has held relatively constructive in the mid-to-high $4,500s, supported by residual geopolitical risk and a softer dollar earlier in the week, though it is still navigating the headwind of elevated real yields. The broader picture remains one of fragile equilibrium. Bond market stress has not fully abated, inflation risks from energy are still present, and the Fed’s next move is far from settled. This is the environment we are operating in. Selective, disciplined positioning remains the higher-probability approach. #Markets #Gold #Yields