Recent movements in Treasury yields reflect shifting assessments of inflation persistence and the timing of potential rate adjustments, as outlined in primary Federal Open Market Committee minutes from mid-2024. Equity markets continue to price in a soft-landing scenario supported by corporate earnings resilience, yet credit spreads and duration positioning in fixed-income instruments suggest caution rooted in elevated borrowing projections from the Treasury Department's quarterly refunding statements. One perspective, drawn from BIS quarterly reviews, emphasizes that credit markets have historically provided earlier indications of macroeconomic stress than equity indices during periods of fiscal expansion. Another view from contemporaneous CPI releases and PCE deflators points to sticky services inflation that could constrain policy flexibility amid global supply-chain pressures. Coverage of the reversal understates linkages to fiscal trajectories and cross-border capital allocation patterns that primary debt issuance data make visible.