Pantheon Macroeconomics chief markets economist Jonas Goltermann said in a note that US equities are showing increasing end‑of‑cycle signals and he expects a more sustained pullback over roughly the next year, accompanied by a decline in US Treasury yields. He added that despite two recent high inflation prints, market concern over the sustainability of the AI‑driven rally has eclipsed the inflation data. Goltermann noted this week’s simultaneous sharp falls in US stocks and Treasury yields—the

Pantheon Macroeconomics chief markets economist Jonas Goltermann said in a note that US equities are showing increasing end‑of‑cycle signals and he expects a more sustained pullback over roughly the next year, accompanied by a decline in US Treasury yields. He added that despite two recent high inflation prints, market concern over the sustainability of the AI‑driven rally has eclipsed the inflation data. Goltermann noted this week’s simultaneous sharp falls in US stocks and Treasury yields—the first such move since the US‑Iran conflict began—matches the market pattern that can emerge when an AI boom starts to reverse.