Editorial companion

What stands out

Jim Grant, founder of Grant’s Interest Rate Observer, argues that current interest-rate behavior in the bond market and Treasury yields could be signaling an elevated risk of a bear market in stocks. Grant’s view matters because the bond market often prices forward-looking expectations about growth and policy, and he connects subtle shifts in yields to a broader repricing of risk. The clip stands out for treating bond-market microstructure, not headlines, as the primary alarm bell, a perspective that runs counter to the equity-centric narratives dominating business TV.