Rising Yields & Rally Risk: The Investment Committee's Strategy 10/14/26

Rising yields and widening credit spreads, not just rate levels, are the real near-term risk to the AI-concentrated rally.

• Yields threaten concentration: 10-year at 5.25% and 30-year at 5.57% (multi-decade highs) pressure the AI trade; CoreWeave bonds traded at 80 cents on the dollar as equity fell 15%.
• Banks send mixed signals: Jamie Dimon flagged moderating client activity; Wells Fargo's CFO said September trading slowed meaningfully; Stephanie Link trimmed Bank of America (fee income -13%) to add Wells Fargo (NIM +2.4bps).

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