10yr Treasury yields continue to rise, hitting 5.28% today (+4.7bp today) and their highest level since 2007 and before that the 1999-2000 dotcom bubble. This pressures equity valuations, especially long-duration (high P/E) equity valuations since most of their value is in the tail. With the recent inflation uptick mostly oil supply-shock driven, a case can be made for lower 10yr treasury yields once the war with Iran ends, and Brent crude eases.