The 10-Year Is Above 5%. Why Aren’t Stocks Falling?

October 5, 2026 — Treasury yields have surged above 5%, yet major stock indexes are still trading near record highs. Chase Taylor explains why those two things may not be as contradictory as they first appear.

Chase reframes the rate story by looking at what has happened to nominal economic growth and corporate earnings at the same time. His argument: higher rates are already hurting rate-sensitive parts of the economy, but growth and earnings have accelerated enough that the broader equity market may still be able to absorb the pressure.He also breaks down the strength in the dollar, new highs in mega-cap technology, the latest move in oil, Brazil’s sharp post-election rally, and why he increasingly thinks investors may need to consider risks on both sides of the market rather than preparing only for downside.

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