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Rate angst affects some sectors while long duration equities remain strong, Michael Kao notes

Rate angst affects some sectors while long duration equities remain strong, Michael Kao notes
Rate angst and long duration equities

Michael Kao, cio at Akadia Capital, reflects on market dynamics as of September 28, 2026. Kao observes that while concerns over interest rates heavily influence rate sensitive sectors, many long duration equities—those whose valuations depend largely on future cash flows and terminal values—still appear unaffected by rising rates.

Kao previously analyzed how surprising jobs data and climbing yields were driven by trends in the bond market, citing factors such as bond normalization and AI-related debt shifts in an earlier note. He has also emphasized that productivity-led growth is necessary to tackle the U.S. fiscal deficit, warning of ongoing fiscal challenges in a separate commentary. These perspectives provide context for his current views on sectors vulnerable to shifting interest rates.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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