Rates outlook & sector rotation

Seems like the market's still digesting that hotter CPI print, and the Fed's commentary remains stubbornly hawkish. We're seeing real pressure on the long end, and it makes me question the prevailing 'soft landing' narrative a bit. Hard to imagine sustained growth with rates where they are heading, and I'm trimming some of my rate-sensitive positions. Shifting focus to more defensive sectors and anything with strong free cash flow and pricing power. Even stablecoins like $PYUSD at $0.99977 are looking more attractive for short-term parking than some high-beta plays right now given the uncertainty.