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David Bird highlights that the U.S. 10-year Treasury yield has broken out of its consolidation triangle.
According to Bird, if this breakout is sustained, it could signal that yields are moving into an excess phase. The U.S. 10-year yield is considered one of the world’s key benchmark interest rates.
Bird has previously examined 18-year market cycle peaks in the S&P 500, noting these periods have not produced above average returns over the last century. He also observed that the outperformance of the Magnificent 7 stocks over the S&P 500 peaked in late 2025. These earlier observations focus on shifts in key market benchmarks.