Nothing has been debated more than the direction of 10yr yields. Aside from AI, changes in rates have been the most influential driver of equity markets, particularly outside of AI stocks. Everybody that has made sensational calls on rates, whether they are going to spike due to deficits or they are going to collapse due to employment weakness has been wrong. A K-shaped economy suggests high levels of rate-reflexivity and that we’re likely to remain range bound overall. We continue to see higher rates as the most likely equity headwind. Like we saw in past years, we’re likely to continue seeing periods of stronger (weaker) macro data that could temporarily lift (pressure) yields from time to time, and pressure (lift) equity breadth.