All the nightmares for stock investors start in the bond market

S&P 500 has worst week in a month as 10-year yields hit 3.2%

If there’s one thing the prophets agree on, it’s that the end will come in the bond market. Even for stocks.

Prophesies of doom are everywhere. There’s billionaire investor Stan Druckenmiller, who says our “massive debt problem” will ignite a crisis. Oaktree Capital’s Howard Marks warns that public and private debt will be “ground zero when things next go wrong.” And Citadel’s Ken Griffin sees a credit binge ending badly.

If you’re an equity investor, all the hectoring has probably left you frazzled, staring anxiously at fixed-income markets for early signs of the apocalypse. So it’s no mystery why the sight of