JPMorgan: 10-Year Treasury Yield Threshold for US Equity Valuation Pressure Is 5%-6%

The report's core claim is that the level of yields matters less than the earnings backdrop, which reframes the recent rise in long-end yields as a valuation story only above a much higher threshold. That distinction matters for anyone reading equity resilience as complacency: on this framework, multiples can absorb a lot before the discount-rate channel bites. The open question is whether earnings growth continues to carry that load if long yields keep climbing toward the cited range.