Treasury yields hit multi-decade highs amid surging national debt

Impact · against what's priced in

The news of surging Treasury yields and national debt is largely immaterial for Amazon, as its current valuation is driven by AWS growth and FCF normalization rather than macro interest rate sensitivity. A brief mention of the company's 'acceleration' is a qualitative confirmation of growth targets the market already accepts.

AMZN+0.00

Already priced in

The price assumes

AWS compounding around 20% reported

The mention that Amazon continues to 'accelerate' and that AWS positions the company well confirms the growth trajectory that the market already assumes for its core cloud business.

What AMZN's price assumes · Feb 24

• AMZN
• inflation
• bond yields
• budget deficit
• fiscal policy
• fixed income
• mortgage rates
• national debt
• treasuries

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