Bear Steepening Extends

45%its chance, of the story’s futures

−0.5%on the S&P 500, if it happens

Investors treat the weak 20-year auction as evidence that term premium must rise to absorb larger U.S. deficits and long-duration supply. The move remains an orderly repricing rather than a funding crisis, but it keeps pressure on duration-sensitive equities and credit.

What it moves

Utilities−0.9%
Technology−0.5%
Riskier companies' borrowing costs▲ up
10-year Treasury yield▲ up

Sectors in percent; other series by direction only.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.

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