Rising U.S. Treasury yields to near one-year highs reflect market repricing of fiscal deficits and persistent inflation pressures, tightening financial conditions that disproportionately affect high-valuation growth sectors. This dynamic builds on patterns seen in prior cycles where rate volatility preceded equity corrections, yet current coverage underplays linkages to geopolitical energy shocks and central bank divergence. Primary Treasury auction data shows sustained demand shortfalls at longer durations, contrasting with equity narratives centered on AI productivity gains. Perspectives from fiscal hawks emphasize deficit monetization risks, while growth advocates highlight potential Fed tolerance for higher rates amid resilient data. Synthesis of auction records, FRED yield series, and BIS policy notes indicates the rally's narrow breadth leaves risk assets vulnerable to spillover without broad earnings support.