New York (CNN) — While the stock market hovers near record highs, a shift in the bond market is signaling mounting concerns about the economy’s health.

A bevy of data this month showed the labor market is on shakier ground than previously thought. That spurred a rally in bonds as investors sought safe havens and ramped up bets that the Federal Reserve will cut interest rates this week.

As bonds rallied, it pushed yields lower: The two-year Treasury yield this month hit its lowest level since 2022, and the 10-year yield hit its lowest level since April, when President Donald Trump announced an unprecedented tariff campaign that sparked fears of an economic slowdown.

The decline in Treasury yields shows markets are adjusting to the reality of a weaker-than-expected job market and expectat

See Full Page