**5% 10-Year Rate Warning**

“Once the 10-year nominal rates approach 5%, there's a very clear negative correlation between equities and the treasury yields”

Venu Krishna, **Barclays**.

“In fact, when we approached **4.5% on the 10**, we had highlighted a red flag.” With rates stuck in this range, **multiples stop helping** and earnings must do the heavy lifting for SPY, QQQ, and the AI complex. The rally still has a rates ceiling.

**** **[@venture](https://t.me/venture)