Additionally, the average interest rate on a 30-year fixed mortgage fell by 22 basis points in just one day, on Friday.

Meanwhile, $TLT, a widely followed bond-tracking ETF, surged by 6%, marking its biggest gain since January 2023.

$TLT has now risen 2% year-to-date after being down over 10% just four months ago.

For the first time since 2020, the bond markets are behaving as if we’re heading into a recession.

So much for a “soft landing.”