Two Readings of the Same Selloff — Tech Headlines, Rate Geometry — and the T-Bill Crossed σ 90%
The press attributed this week’s S&P and Nasdaq losses to AI capex doubts and memory-stock fears. A quieter news thread — Fed hike expectations, jobs data in focus, gold’s fourth weekly loss — and the manifold’s contagion map both point to rate transmission as the structural driver. We read the two readings side by side….