Rate hikes are supposed to hurt bonds. Instead, on Thursday the bond market rallied the day after the Federal Reserve raised rates and told everyone it was not finished. The 10-year Treasury yield fell 7 basis points to 4.95 percent, dropping back below the 5.04 percent level it touched Tuesday, its highest since July 2007. The 2-year fell 6 basis points to 4.68 percent, the 5-year dropped 9 basis points to 4.80 percent, and the 30-year eased 6 basis points to 5.31 percent. That single move is the reason the stock market is having its best day in weeks. The S&P 500 is up around 1.1 percent, the Nasdaq is leading with a 1.65 percent gain, and the biggest winners are the highest-multiple names in the market, Tesla up more than 3 percent, Amazon up over 2.5 percent, and Nvidia up around 2.35 percent. Higher long-term yields make future earnings worth less today, and they make the enormous AI infrastructure buildout more expensive to finance. When yields fall, that pressure reverses, and t...