TREE NEWS reports: The 10-year US Treasury yield rose 54 basis points in September, from 4.75% to 5.29%, with real yields up 49bps while implied inflation compensation added just 5bps. QuantStreet Capital founder Harry Mamaysky argues in his monthly letter that markets may be repricing stronger growth and the capital demands of Big Tech’s AI infrastructure buildout, noting the semiconductor ETF gained about 9.4% while the equal-weight S&P 500 fell roughly 4.8%.
10-Year Treasury Yield Jumps 54bps in September as Real Rates, Not Inflation, Drive Selloff
AI take
The composition of this move matters more than its size: real yields did nearly all the work, which points to growth and financing-demand repricing rather than an inflation scare. The pairing of a rising semiconductor ETF with a falling equal-weight index suggests the market is rewarding AI capital spending while penalizing the broader index — a narrow, capex-driven dynamic. Whether real rates keep leading and whether that divergence between AI-linked names and the average stock persists is the open question.
Generated by AI for reference only.
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