JPMorgan: S&P 500 Valuation Can Withstand 10-Year Yield of 5%-6%

JPMorgan's framing shifts the debate from yield levels to earnings durability: if the valuation ceiling sits well above current rates, the recent climb in long-end yields need not be read as an equity headwind on its own. That matters for anyone treating rate moves as a simple risk-off trigger, since the bank's threshold implies the current backup is not yet the binding constraint. The open question is whether earnings growth can keep validating that headroom if yields continue rising.