Good morning. The two-year Treasury yield has risen more than 20 basis points in the past week, to 4.71 percent. Probably this just a meaningless short-term blip. But Unhedged finds itself thinking about the phrase “maybe no rate cuts this year” quite a lot. Do you? Email me: robert.armstrong@ft.com.

Friday interview: Aswath Damodaran

Professor Aswath Damodaran of New York University is probably the world’s pre-eminent academic expert on equity valuation. His Musings on Markets blog is widely followed on Wall Street, and his views on companies from Tesla to Netflix are much debated. He also puts his money where his mouth is, investing personally based on his assessments of corporate value. He spoke to Unhedged last week.

Unhedged: Do you think the S&P 500 is fairly valued right now?