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Why it's worth your time

The single best framing of what drove today's tape. Yields on the longest Treasuries have not been this high for this long since 2006, and Bloomberg names the three things keeping them there: the deficit, a fresh wave of corporate issuance, and a September Fed meeting the market now prices at 59% for a hike. Read this before assuming today's selloff in neoclouds, software and cybersecurity was about those companies — the discount rate moved and long-duration equity followed.