U.S. 10-Year Yield Hits 19-Year High… And The Ripple Effects From Meta’s Muse 9/23/26

Surging Treasury yields and Meta's disruptive Muse AI agent are reshaping cross-asset risk just as McDonald's and quantum computing send mixed equity signals.

• Yield spike: The 10-year jumped over 15 bps (biggest one-day gain since April), 2-year hit highest in years, and 30-year topped 5.4%, the highest since 2004, driven by strong PMI data, an oil price jump, Fed governor Barr backing more hikes, and rising rate-hike odds (55% to ~75% for an October move).
• Alicia Levine (BNY Wealth): says a Fed hiking cycle is 'never great for risk assets' but large-cap tech is absorbing it best; small caps (-7% from highs) and consumer discretionary (-12%) are taking the pain.

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