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

The notable claim here is that the level of yields matters less than the earnings path, which reframes rate anxiety as an earnings-durability question. It implies equity multiples are being underwritten by profit growth assumptions that are themselves unusually high, so the sensitivity sits in the growth forecast rather than the discount rate. Whether those growth estimates hold — and whether the cushion JPMorgan describes survives any earnings disappointment — is the open question worth tracking.