MET

With the 10-year Treasury yield at 5.11%, pension funds must buy more long-term bonds, and life insurers earn a wider spread on annuities. Investors are dumping financial stocks without separating banks hurt by rates from insurers helped by them. Life insurers such as MetLife, Prudential and Corebridge stand to gain.

Warsh's swearing-in as Fed Chair signals a hawkish pivot in Fed leadership amid rising inflation. Higher-for-longer rates compress long-duration assets but expand net interest margins for banks. Long US large-cap and mid-cap banks; avoid rate-sensitive REITs and utilities despite their recent sector leadership.